Casino names have been on a roll, and MGM Resorts International is the latest to attract upside bets from option traders.
More than 6,500 July 15 calls changed hands yesterday (Thursday), with most of the big blocks pricing for $0.70 to $0.80, according to OptionMonster's real-time tracking systems. Overall, more than 16,000 calls traded against 10,000 puts in the session at all strikes. The calls were bought while the puts mostly appeared to be sold, a reflection of the generally bullish sentiment.
MGM ended yesterday up 1.79 percent to $14.77. (See tickerfor today's quotes.) Stocks in the group fought through a tough tape yesterday, managing to hold their own while the rest of the market cratered. The stock bounced at its 200-day moving average earlier in the spring but is now back above its 100-day average.
Najarian has no positions in MGM.
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Other Casino-Resort Names:
Las Vegas Sands
Isle of Capri Casinos