Options Action: A Hot Insurer Stock!
Hartford is seeing heavy options trading Friday, as its stock soars more than 88 percent even while the broader markets drop.
HIG (Hartford Financial Services) , which has an average daily call volume of 10,000 contracts, saw 37,100 calls trade in the first hour of trading this morning, according to OptionMonster's tracking systems. That's three times full session volume in just 60 minutes! By contrast, a grand total of 8,500 puts changed hands.
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Earlier today HIG raised its full-year earnings outlook by $0.40 per share to a range of $4.70 to $4.90, making it one of the rare companies to buck the trend of lowered forecasts throughout all sectors and industries since the credit crisis began. Prudential is also up on the day, but not nearly as much as Hartford.
Other insurance companies were trading higher as the industry received more positive news from UBS, which sees the potential for regulatory relief as insurance commissioners meet today through Monday.
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Jon 'DRJ' Najarian is a professional investor, CNBC contributor, and cofounder of OptionMonster.