Western Union Bulls Make Quick Bet
Western Unionhad a nice swing through $17 yesterday and busted through its 200-day moving average amid bullish options trading.
There was nice mojo in the calls yesterday, with several large blocks in the September 17s trading for $0.20 and $0.25, according to OptionMonster's tracking systems. Volume pushed to 3,175—more than triple the open interest.
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There's not a whole lot of time for these contracts to perform because they expire Friday along with all September options, so they're definitely looking for some fast money in the trade.
WU rose 1.97 percent to $17.08 yesterday. The money-transfer company put out strong numbers back on July 27, when management also upped guidance for the full year. It trades at about 11 times forward earnings, so with its big global footprint, investors might be thinking that now is the time to get back on board.
Calls totaled 5,115 in the name yesterday, compared with put volume of just 859.
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