Options Swarm as LED Maker Shares Surge
LED technology company Cree is up 6 percent Wednesday, with huge options activity.
The average call activity in Cree for the month of March was 2,200 contracts a day, but today some 23,200 calls changed hands in the first hour of trading alone. Most of the activity was at the April 25 strike (CARDE), where more than 10,000 calls were traded, according to OptionMonster's real-time tracking systems.
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Cree shares, which are just under $25 at midday, are well above the $18 level where they were trading a month ago but have leveled off in the last couple of weeks.
Cree CEO Chuck Swoboda says demand for highly efficient LED lighting is poised to rise over the next year in spite of the recession.
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Jon 'DRJ' Najarian is a professional investor, CNBC contributor, and cofounder of OptionMonster.com.