Your intraday options trading update.
The market is in trouble as it drops around 200 points following the S&P warning on the credit quality of U.S. debt.
High Options Volume by Strike
Citigroup (NYSE: C) is busy following its earnings report this morning that barely beat analysts’ expectations. Revenues fell to $19.7 billion and profits dropped to $3 billion from $4.4 billion. The C Sep11 4 Put is the most active strike, trading 108,152 contracts, and down .02 to a last of .13. The C May 11 4.5 calls are up .01 to a last of .12 with volume of 75,718 options.
Much of the rest of the big volume is being done in the puts of the SPDR S&P 500 ETF (NYSE: SPY). The May strikes seeing trading over 50,000 contracts include May 130s, 127s, 124s. The puts all rallying as the market declines. The Apr Weeklys also getting some interest although on the call side. The SPY AprWk4 130 and 132 Calls both with about 50,000 contracts. The 130 is down 1.63 to a last sale of .89.
Major Stock Trading Volume Movers
Atrinsic (NASDAQ: ATRN) sees volume rise to 1.5 million shares and shares increase to 3.25. Titan Machinery (NASDAQ: TITN) jumps 4.25 to 31.19 on 1.4 million shares, on great earnings. Revenues in the agricultural and construction equipment manufacturer rose 46% to $368 million and profits hit $10.4 million, up from $3.4 million a year ago.
Find more option analysis and trading ideas at Options Trading Strategies.
Stocks/Underlying – Big Daily Change in Option Volume
Chelsea Therapeutics (NASDAQ: CHTP) has option volume of more than 10,000 contracts, a rise of more than 12,000%. The company announced it is seeking federal approval for its drug Northera, designed to treat a drop in blood pressure.
Several real estate oriented firms getting options interest today. CB Richard Ellis (NYSE: CBG) has options volume of 8,147, a rise of more than 750%. OptionMonster reports a 7,500 contract trade in the CBG Sept 41 Puts for $4.20. Shortly thereafter a block of 591,202 CBG shares traded at $28.35. Weingarten Realty Investors (NYSE: WRI) sees a little more than 1,000 options contracts, though that is a huge jump. The stock is down .34 to 24.74.
Stocks – High Put/Call Ratio
Leading the charge in this negative indicator is Host Hotels and Resorts (NYSE: HST) with a P/C ratio of 145.45 as the stock drops .32 to 16.70. Morgan Stanley last week initiated coverage in the REIT with a price target of $21.
Campbell Soup (NYSE: CPB) down a chunky .4% to 33.44 and its P/C ratio moves to 61.57. It intro’d two new V8 Fusions varieties.
GT Solar Intl. (NASDAQ: SOLR) declines to 9.27 as its P/C ratio rises to 30.00
Stocks/Underlying – High Option Volume
SPDR S&P 500 ETF (NYSE: SPY) sees option volume of more than 1.6 million as it drops 1.81 to 130.23. Citigroup (NYSE: C) is up .08 to 4.50 with volume of 487,000. Bank of America (NYSE: BAC) is down again, falling .44 to 12.39. Option volume reaches 480,193.
IShares Russell 2000 Index (NYSE: IWM) is down 1.77 with the market. More than 400,000 options trade.
The CBOE Volatility Index (CBOE: VIX) is truly volatile, up 2.34 to 17.66 on 361,521 options.
Burney Simpson is the managing editor of InvestorPlace options pages.