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Options activity in Textron is crazy busy Monday, as shares surge in heavy volume amid takeover rumors.
The aircraft maker's shares [TXT
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] bottomed at $4 or so in early March but are up more than 9 percent to $8.11 in midday trading as M&A talk involving both Raytheon [RTN
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With TXT stock trading so far under its 52-week high over $65, even with today's pop, some kind of buyout interest might well be understandable.
The options activity today is focused on the May 10 strike, where more than 19,000 calls traded in the first 30 minutes alone, nearly five times the average daily turnover of 4,200 contracts, according to OptionMonster's tracking systems. Does that sound like the institutional paper is taking this seriously?
Disclosures:
I have stock and options in TXT.
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Other Top Aircrafters:
United Technologies [UTX
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General Electric [GE
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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