Market News

November 23, 2016  Wed 8:15 AM CT

Whiting Petroleum saw huge call buying just before yesterday's closing bell.

OptionMonster's market scanner shows that more than 22,000 December 12 calls were purchased for $0.20 to $0.25 in the last 15 minutes of the session. This represents new positions, as volume well surpassed the strike's open interest of 4,545 contracts.

Long calls lock in the price where investors can buy stock, allowing them to profit from a rally with limited capital at risk. Their cheap cost can also generate significant leverage on a percentage basis if shares move in the right direction. (See our Education section)

WLL fell 1.08 percent to $10.12 yesterday but is up 30 percent in the last three months. The oil and gas producer's next quarterly report is expected to come out after the close on Feb. 22.

Overall option volume in the name was twice its daily average yesterday. Calls outnumbered puts by a bullish 5-to-1 ratio.

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