Thursday’s total option volume of 19.6 million contracts resulted in net open interest growth of 2.65 million calls and 3.06 million puts. Intel Corporation (INTC), Bank of America Corporation (BAC), Williams Companies Inc (WMB) and Dell Inc (DELL) saw the greatest growth. Top five new positions opened include 80k Williams Companies Inc (WMB) Jan-14 40 calls, 80k Williams Companies Inc (WMB) Jan-14 45 calls, 67k Intel Corporation (INTC) Jan-13 23.5 calls, 43k Dell Inc (DELL) May-13 14 calls and 26k Intel Corporation (INTC) Feb-13 24 calls.
In Gannett (GCI), 10x the normal volume traded with the action being concentrated in the July 23 calls. GCI is currently trading at about $19.75. The stock is trading up to new 52 week highs.
While the overall options trading volume was weighted more on the put side, the unusual flow was predominately bullish. In addition to GCI, there was bullish flow in Life Technologies (LIFE), Big Lots (BIG), Tesoro Corporation (TSO), Amarin Corp (AMRN) and Sony Corporation (SNE). We have seen repeated bullish flow in Sony and the stock is just beginning to break out to the upside.