Mattel shares finished yesterday up 0.19 percent at $31.06 after hitting an intraday high of $31.69, its highest price since it plunged from above $35 in December 1998. The toy maker gapped higher Tuesday morning after reporting earnings results the night before. Now the shares are attempting to break through long-term resistance last encountered in 2007 and, before that, in 1999.
For the calls purchased yesterday to turn a profit, Mattel's stock would need to gain roughly 4 percent by expiration on Feb. 17.
—Russell has no positions in MAT.
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David Russell is a reporter and writer for OptionMonster.
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