The bulls hit a home run in ValueClick yesterday, using option leverage to amplify a rally in the share price.
ValueClick shares started the day quietly, opening higher by less than 1 percent before the buyers showed up. Early prints in the April 29 calls showed blocks pricing for $1, while the April 30s went for $0.80. Volume was especially noteworthy at the higher strike, where more than 3,400 contracts traded against previous open interest of just 596.
The shares were up more than 6 percent when the calls hit and continued to work their way higher, at one point showing a gain of almost 12 percent. But that move was nothing compared with the options, because both call contracts more than doubled in value as the stock advanced.
The 29s fetched as much as $2.15, while the 30s shot up to $1.65, according to OptionMonster's tracking systems.