Long-term bullish wager on MGM
Mike Yamamoto | firstname.lastname@example.org
optionMONSTER's Heat Seeker system detected the purchase of 11,250 January 2014 17 calls in a single print for $0.63. Open interest in the strike was 3,071 at the start of the day, so this is clearly a new position.
For those long calls to turn a profit, MGM would need to gain some 75 percent from today's levels to $17 or more. (See our Education section)
MGM is down 2.42 percent to $10.07 in afternoon trading. The stock has been struggling to recover since hitting $9.72 on Monday, its lowest level so far this year.
The company is scheduled to report earnings on Aug. 7.