Largest option buying in equities so far
David Russell | firstname.lastname@example.org
Procter & Gamble (PG): Investors bought the January 67.50 calls for $1.56 and the January 2014 85 calls for $0.32 and $0.33. Both trades reflect a belief the stock is going higher over the long term. PG rose 3.08 percent to $65.66.
Bank of America (BAC): Some 40,000 July 8 calls expiring next week were purchased for $0.11 to $0.13. Volume was below open interest at the strike, but the activity reflects a belief the stock will rally in the near term. BAC rose 2.01 percent to $7.63.
Pitney Bowes (PBI): Blocks of 5,000 contracts each traded in the July 16 puts for $2 and the January 12 puts for $1. It appears the 16s were sold and the 12s were bought as a bearish diagonal spread was closed. PBI rose 0.14 percent to $13.86.