Jim,
What I read from Wed and THu activities is as follows: (I only have access to real-time quotes, and the delayed tape from QUote.com)
- The price was at $52, when the order to buy 2000 Jan 50 calls were placed. This means somebody with a deep pocket wants to lock in 200K shares at the price of $56 and change, until Jan 99.
The stock thereafter shoot up to 53 3/4 when it close as MM scrambled to get the 200K shares to offset their inventory. After the close there are 2 50K block trades, which I guessed was a cross, i.e. somebody sold 50K shares at 53 3/8 and somebody else bought the block for 53 3/4.
- At Thu open, the stock continued its momentum from Wed after hour trade, and shoot to 54 1/4. I noticed however, on the delay tape, that every time the stock price hits a new high, somebody dumped 10K-25K at the bid. That continued throughout the day, until the stock plunged to 49 and changes.
- I don't know what the activities are. The fact that the stock bounced off 49 is encouraging, but I am afraid the big boys know something that we don't. I hope that this is just a fund trying to get out for the annual tax sell off. The other thing that can happen is that some manager may trade his 200K shares which they dumped today and get 2000 contracts instead. This is a move to have cash for the month of Oct (to buy on the dip) while not risking a run-away in the stock price.
Just My Humble Opinion of course.
I believe in the company.
//V |
