There was a large unusual buyer jumping into PMC-Sierra (PMCS) just now. A buyer in the know snapped up 13,666 November $9 calls, an opening trade of 15 times usual option volume in PMCS.
PMC-Sierra (NASDAQ: PMCS), a semiconductor company, is trading at $7.55, up 5 cents this morning.
We can’t find any major news, which of course is usually the case in these big option buys. The buyer is usually acting on information not yet released to the general public.
PMC-Sierra (PMCS) releases earnings July 28, 2014. This is not likely a play on earnings at this point. It’s more likely a play on an upgrade and price target raise by a major investment bank. As usual, they’re jumping in before they announce their own upgrade on PMC-Sierra (PMCS).