Pullback draws bulls to Coventry Health
Mike Yamamoto | [email protected]
optionMONSTER's Heat Seeker shows that 2,718 July 34 calls were bought today for $1.60 and $1.65. Open interest was just 115 contracts at the beginning of the day, so these are new positions.
CVH is off 0.57 percent to $33.12 in afternoon trading. It climbed past $36 to an eight-month high at the end of March but has dropped sharply in April, finding support around the $33 level this week at its 50-day moving average.
Overall calls in the name are nearly 3 times its daily average. Not a single put has traded in Coventry all day.
The company is scheduled to release first-quarter earnings results in the pre-market on April 27.