Friday’s total option volume of 16.8 million contracts resulted in net open interest growth of 2.21 million calls and 2.48 million puts. Micron Technology Inc (MU), Bank of America Corporation (BAC), American International Group Inc Corp (AIG) and Tesla Motors Inc (TSLA) saw the greatest growth. Top five new positions opened include 35k American International Group Inc Corp (AIG) Nov-13 47 calls, 27k Micron Technology Inc (MU) Jan-15 12 calls, 20k Sprint Nextel Corporation (S) Jun-13 7 calls, 18k Bank of America Corporation (BAC) Jul-13 13 calls and 17k Wells Fargo and Company (WFC) Jul-13 39 calls.
Wet Seal (WTSL) is at a 52 week high. On Friday, 86x normal options volume traded. Nearly 3,000 September 5 calls were bought to open. On May 9, the company beat earnings estimates and announced it expects to achieve profitability in the upcoming quarter. Retail sales reported this morning were better than expected rising 0.1% versus expectations of -0.3%.
The Japanese stock market is booming year-to-date up roughly 40%. On Friday, there was significant bullish flow in Nippon Telegraph & Telephone Corp (NTT). Over 2,000 Sep 30 calls were bought opening which was 109x normal volume. The stock is trading at a 52 week high.
We are on our way to the Las Vegas MoneyShow this morning. The show runs through Thursday at Caesar’s Place and is free to attend. If you are planning on being there, be sure to look us up at booth 512.