Did someone know something early in Leap Wireless?
The prepaid-cellular company normally trades barely 1,200 options contracts in a session, but volume spiked to almost six times that amount on Friday. The activity was almost entirely bullish, as buyers snapped up the August 9, July 9, and October 8 calls, according to OptionMonster's real-time tracking systems.
Leap Wireless closed at $7.98, up 2.57 percent on the day, but the real fireworks came after the close. That's when AT&T announced that it would acquire the company in a $4 billion deal, including debt, which translates to a price of $15 a share. The stock leapt in extended hours, more than doubling to over $17 amid speculation the offer will be sweetened.