Market conditions are choppy with the uncertainties of the fiscal cliff looming. Rather than belaboring the uncertain nature of the macro trading environment, we focus today on what traders are doing.
In Chemtura (CHMT), there was a buyer of the Nov 17.50 calls 1600x. This was 13.3x normal volume. The company presents at Citi and Morgan Stanley conferences later this week. On November 15, Tibco (TIBX) will present at the Low-Latency Summit 2012 in New York City. Yesterday, there was a buyer of Nov 25 calls 3,000x. In Kinder Morgan (KMI), there was a buyer of 14,500 Mar 27.5 puts. The majority of the volume occurred in a single transaction. The stock has dropped sharply from roughly $35 to $32 in the past week. In NII Holdings (NIHD), there has been unusual bullish flow for two days in a row. Yesterday, there was a buyer of 10,000 Jan 8 calls with the majority of the volume occurring in a single transaction. Fundamentally, NIHD continues to disappoint investors and the stock price is in a very negative trend.