Bulls take another look at Take Two
Mike Yamamoto | [email protected]
optionMONSTER's Heat Seeker system shows that 1,844 November 10 calls traded in a strong buying pattern in less than 7 minutes, with premiums rising from $1.35 to $1.55 as shares gained. The volume isn't huge but is 13 times the open interest in the strike at the start of the day, so this is new activity.
TTWO is up 2.01 percent to $11.19 in afternoon trading, continuing to gain after yesterday's bounce off the low end of its recent range around $10. Shares plunged some 50 percent from early February to early August and have been trying to rebound since then.
The company, known for its "Grand Theft Auto" franchise, has been hit hard along with other retailers in the sector as gaming continues to shift to the Internet. Take-Two is scheduled to release results for its fiscal second quarter on Oct. 30 after the close.
Total option volume in the name is 50 percent higher than its daily average. Only 32 puts have traded in the entire session, a reflection of the day's bullish bias.