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Options Traders Suddenly Love This Regional Bank
SunTrust Banks is up 10.5 percent with heavy call activity Wednesday, after plunging along with other banks yesterday.
STI stock [STI
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] is at $10 in midday trading as more than 16,800 calls changed hands in the first 90 minutes of the session alone, more than three times the average turnover for an entire day. Options traders are focused on the March 12.50 strikes, where 4,500 calls traded, according to OptionMonster's tracking systems.
SunTrust fell sharply yesterday, after Treasury Secretary Timothy Geithner described a "stress test" for banks with more than $100 billion in assets. STI, whose assets exceed $150 billion, plummeted 27 percent after the remarks.
Disclosures:
I own a call spread in STI.
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Other Key Regional Banks:
BB&T [BBT
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Regions Financial [RF
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Marshall & Ilsley [MI
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PNC Financial Services [PNC
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Jon 'DRJ' Najarian is a professional investor, CNBC contributor, and cofounder of OptionMonster.com.
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Data is a real-time snapshot *Data is delayed at least 15 minutes
