Genworth Financial has been performing well along with other financials, and yesterday the option activity again turned bullish on the name.
OptionMonster's tracking systems detected heavy buying in the April 10 calls for $0.12 to $0.18. Then when the shares started climbing, those contracts ran up to $0.25 by late in the session. More than 26,000 of the calls changed hands, far above the strike's existing open interest of just 333 contracts, clearly showing that this is new activity.
These calls lock in the price where investors can buy shares, which can result in major leverage if a stock moves in the right direction. And that's exactly what happened yesterday with Genworth.
