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writer, OptionMonster
Interpublic Group shares fell yesterday, but at least one big options trader accumulated calls on the expectation they will rally back.
Volume in the October 7.50 calls surged to 65,852 contracts, almost twice existing open interest, according to OptionMonster's tracking systems. The calls changed hands for $0.30 to $0.40, with purchases dominating the action. In the largest trade, 60,000 calls were bought for $0.40 and matched against the sale of 40,000 October 10 calls for $0.05.
Interpublic Group [IPG
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] fell 8.27 percent to $5.10 yesterday but has changed little over the last month. Overall options volume in Interpublic Group was almost 36 times average yesterday.
The advertising company was the subject of a large trade last week that will benefit from sharp swings in its share price. Interpublic Group also sold $600 million of 10-year notes to refinance debt coming due over the next two years.
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Options Trading School:
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David Russell is a reporter and writer for OptionMonster.
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