Agrium trying to break out, and one investor wants a piece of the rally.
optionMONSTER's Heat Seeker monitoring program detected the purchase of more than 5,000 September 97.50 calls for $3.80 to $4.10. Volume was more than twice open interest at the strike.
AGU fell 1.44 percent to $99.38, but is up more than 25 percent in the last three months. The fertilizer company has beaten estimates for at least the last four quarter, and recently gotten an extra boost as high corn prices draw investors to agriculture.
Shares have spent above the last week consolidating above $99, roughly the area where it peaked in early 2011. If sellers fail to drive them from these levels, some investors may expect new highs.
Overall option volume in the name is quadruple the daily average so far today, with calls outnumbering puts by about 10 to 1.
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