Hasbro Bulls Do Last-Minute Shopping
Traders were making last-minute bullish bets on Hasbro on Friday before the company releases its second-quarter earnings numbers in the pre-market this morning.
Calls were active at the August 35 strike throughout the day, but really picked up in the final hour of trading. More than 8,800 of the options traded for $0.60 to $0.90 against open interest of just 484 contracts, according to OptionMonster’s real-time tracking systems.
Hasbro shares rose 0.36 percent on Friday to close at $33.84. The toy maker had been drifting lower since hitting resistance above $37 in early May, but bounced off a seven-month support level last Monday and has been rallying back sharply.
For Friday’s long calls to turn be profitable, Hasbro needs to gain at least 5 percent or 6 percent by expiration in a month. Total option volume in the name was about 12 times its daily average, with 11,600 calls outnumbering 4,800 puts at all strikes.
—By CNBC Contributor Pete Najarian
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