| Calls turn fast money in Joy Global | |
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(The following is an example of notable trading cited on optionMONSTER's InsideOptions Pro service yesterday.)
Joy Global attracted bullish option activity for the second session in a row yesterday, and traders quickly cleaned up.
optionMONSTER's Heat Seeker system detected the purchase of 5,000 November 21 calls for $0.52 to $0.54 in midday trading, clearly fresh buying as previous open interest in the strike was only 26 contracts. That volume surpassed 8,500 by the end of the session, turning fast profits for InsideOptions Pro subscribers as the calls nearly doubled in price to $1 along the way.
The trades followed heavy buying in the November 20 calls on Wednesday . Those contracts, which went for $0.27 to $0.57 at the time, rose to $1.38 yesterday.
Long calls lock in the price where investors can buy a stock, which lets them position for a rally with limited capital. That can be safer than purchasing shares directly because only the cost of the options can be lost on a pullback. The calls can be sold anytime before they expire but will lose value if the stock falls. (See our Education section)
JOY rose 8.44 percent to close at $18.51 yesterday after touching a high of $19.63 earlier in the afternoon. The mining-equipment maker has rallied since falling to $14.02 a week ago, near the level where it bounced sharply in May 2009. The company is expected to announce its next earnings results in December.
Total option volume in the name topped 35,800 yesterday, 7 times its daily average for the last month.
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Joy Global is a exploration company based in United states of america. Joy Global is listed in United States of America. Its market capitalisation is US$ 1.2 billions as of today (€ 1.2 billions). Its stock quote reached its lowest recent point on February 12, 2016 at US$ 10.26, and its highest recent level on April 05, 2017 at US$ 28.30. Joy Global has 43 700 000 shares outstanding. |