Friday Call Option Surges: Take-Two Interactive (TTWO), Manitowoc Company (MTW)
Not quite as busy today on the unusual call option trades, which is no surprise, as even insiders take a break on the last long weekend of the summer. However there were a couple unusual call buys this morning in Take-Two Interactive (TTWO), and Manitowoc Company, Inc (MTW).
In early trading this morning there was a large call buy in Manitowoc Company, Inc (MTW). One “wily” trader bought 4,400 October $30 calls just after the open today. That trader paid 80 cents for those calls. Since then the stock has traded up considerably. And, the call volume has surged along with the share price, with over 11,000 MTW October $30 calls traded, all opening trades. Right now those same calls are bidding 85 cents, and ask is 95 cents. So there is some time to get into this trade if you’re so inclined. We’re not feeling all that inclined at this moment, but may jump in before it’s time to head to the beach later today. Just waiting for a little drop.
Manitowoc Company, Inc (MTW) is currently trading at $29.31 up 80 cents today, and trading down from it’s high earlier today of $29.45. MTW has a 52 week high of $33.50, and a low of $18.12 on the year. It’s trading average volume with 1.3 Million shares trading by 2:09 pm today.
The second interesting trade was earlier this morning in Take-Two Interactive (TTWO). This one saw a big trade by one buyer of 10,000+ October $25 calls in TTWO just before 1 PM this afternoon. There have been over 11,600 traded now, and the $24’s are also seeing some action with over 1400 contracts traded on those. Since that big buy, the stock has come up a bit, but you can pick some up at the ask of 80 cents. Keep in mind that trader has pretty much doubled already so may be a little late to the party..
Take-Two Interactive (TTWO)is currently trading at $23.44 up 98 cents. The 52 week high for TTWO is $23.67. Take-Two Interactive (TTWO) isn’t scheduled to report earnings until October 27, 2014 so clearly this call buy has anything to do with earnings given that these options expire on Oct 18.
We have to assume this has something to do with an analyst upgrade and or price target raise, some other material fact yet to be released to the public, or maybe some resolution to the Lindsey Lohan lawsuit?
So, while both these are very interesting call buys, it would appear both these ships have sailed for now.