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writer, OptionMonster
Electricity producer RRI Energy is up 13 percent in the last month, and at least one trader expects it to keep powering higher into the New Year.
OptionMonster's systems detected heavy buying in the January 7.50 calls yesterday. More than 18,000 of the contracts were traded at nearly 10 times open interest in the strike, which averages a grand total of 3 calls a day.
Most of the purchases took place in a 10-minute span for $0.50, indicating activity by a large institutional player. Overall options action in RRI was six times average, with calls outnumbering puts by 35 to 1.
RRI [RRI
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], formerly known as Reliant Energy, fell 0.54 percent yesterday to close at $6.11. The stock, which hit a 52-week high of $17.25 last September, needs to climb 32 percent by expiration for the calls to turn a profit.
The company reported a narrower-than-expected second-quarter loss on Aug. 3 and doesn't have any further catalysts scheduled on its calendar.
The trade comes a day after unusual options activity was detected in power utility Mirant.
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RRI Competes With:
Calpine Corp. [CPN
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NRG Energy [NRG
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Options Trading School:
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David Russell is a reporter and writer for OptionMonster.
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Data is a real-time snapshot *Data is delayed at least 15 minutes