Investors rolled the dice in MGM Resorts International yesterday, betting on a strong earnings report.
OptionMonster's tracking programs detected the purchase of about 11,000 November 11 calls, including a single print of 9,950 that went for $0.30. Volume was almost twice previous open interest at the strike. The November 10s and the December 10s were active as well.
Calls lock in the price investors must pay to buy stock, so the options can generate some nice leverage in the event of a rally. If there is no move in the share price, however, those November 11s will expire worthless.