Crazy Money: Wells Fargo Options Rocket
It would have been hard to miss the 30-plus percent pop in shares of Wells Fargo today—an astonishing rebound that added $22 billion dollars in market value to the beleagured bank. (Yet the jump only left it about where it was trading in mid-June!)
But what might have escaped your probing eyes today were the crazy gains made in the options market; specifically, Wells Fargo Calls.
For example, the July '08 $25.00 contract rose more than 2000 percent going from $0.10 to $2.25 on volume of 37,000 contracts as of this writing.
Further out, the August $27.50s also soared, going from $0.15 to $1.55 for a nice 933% one-day gain!
Same for the October '08 and January '09 strike prices from $25 to $35, which gained anywhere from 100 to 300 percent today.
Crazy money ... if you're crazy enough to chase it.
More CNBC options chatter: