Alpha Natural Resources is scorching with options action while its stock pops Wednesday, on the latest bump in a roller-coaster ride that began several months ago.
The mineral-processing company's stock is up some 8.5 percent to $18.72 this afternoon, apparently on rumors that a company in China is looking to expand its hold on steam and metallurgical coal.
ANR's chart — which has seen lows near $15 and highs over $22 in just the last two months — appears to show that shares could push to those high levels again on the move if it holds.
Normal full-session call volume is 2,000 contracts, but ANR traded 7,900 options in the first 30 minutes of today's session alone, according to OptionMonster's real-time tracking systems. There was some large-block action in the nearest-month contracts, especially at the May 20 and May 22.50 calls.
The company is scheduled to report quarterly earnings before the market opens May 6.
I have long positions in ANR.
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Jon 'DRJ' Najarian is a professional investor, CNBC contributor, and cofounder of OptionMonster.com.