Is Yandex searching for higher levels?
Pete Najarian | email@example.com
Bank of America recently upgraded Yandex to a "buy" because of that comparison and expectations that YNDX will release strong quarterly results this morning. Morgan Stanley followed up with its own bullish commentary late last week.
Option volume swelled in the August 22 calls, with some large blocks trading for $0.60. More than 2,600 crossed optionMONSTER's tracking systems yesterday versus previous positioning of just 421 contracts at that strike.
Calls lock in the price investors must pay to buy shares, so they can generate some nice leverage if the stock rallies. But if it doesn't, those options will expire worthless. (See our Education section)
YNDX rose 3.02 percent to $20.83 yesterday. More than 7,700 options traded in the name, compared with less than 1,000 in a typical session.
Disclosure: I am long YNDX.
(A version of this post appeared on InsideOptions Pro yesterday.)