Options Pop Before Silver Standard Earnings
"Fast Money" Contributor
Silver Standard Resources has a busy week and is percolating with upside option activity.
Traders bought about 5,400 March 30 calls for $0.25 to $0.30 and 1,400 March 28s for $0.65 to $0.80 Monday, according to OptionMonster's real-time tracking systems.
Investors seem to be looking for a move with some big events on the calendar this week: BMO Capital Markets 2011 Global Metals & Mining Conference after the bell today and fourth-quarter results tomorrow morning.
The mining company is based in Canada but has operations across the Americas and in Australia. It's just now beginning production at one if its mines, so investors are expecting to get more clarity in the near term and are using front-month options to play a move.
The stock rose 2.03 percent to $27.14 yesterday. (Watch the ticker for today's share moves.) The call buying pushed total option volume in the name to more than 6 times greater than average.
Pete Najarian has no positions in SSRI.
Miners — Rivals & Peers:
Pan American Silver
iShares Silver Trust
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