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Allergan calls rise amid M&A hints
March 23, 2009 Mon 12:57 PM CT

Allergan call buying surged amid general gains for drug stocks and another hint that merger-and-acquisition activity is awakening.

Professional traders stepped in to buy some 13,000 of the April 45 and April 50 contracts, dwarfing the number of puts that changed hands by more than 20 to 1. In early trading, implied volatility rose 11 percent to 55.25.

Just after midday,...


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