Why Bulls Are Checking into Marriott
Buyers are scrambling for upside calls in Marriott International before the company reports earnings results Wednesday morning.
The October 38 contracts were very active on OptionMonster's tracking systemsyesterday, with large blocks trading for $0.40. Volume was 8,400 calls against open interest of just 675.
Soleil Securities put out a note predicting strong third-quarter results from the hotel company, and that seems to have lured the bulls.
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Marriott's stock ended the session up 1.16 percent at $36.70, bucking the broader market's decline yesterday. The shares have been churning around $36 for a month, with a 52-week high around $38, so the options are clearly focused on the upside.
Calls would outnumber puts by 9 to 1 in the session, with overall options volume 9 times greater than average.
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