| Trades bet solar names will shine | |
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SolarCity and First Solar are drawing upside option trades ahead of quarterly results next week.
optionMONSTER's Heat Seeker system first found bullish activity in SolarCity, as 5,000 November 40 calls were bought for $2.35 and 5,000 November 44.50 calls were sold for $0.90. Volume was below open interest in the higher strike, so the trader is either rolling long calls lower or opening a new vertical spread . (See our Education section) Later in the day, 3,000 January 55 calls in First Solar were purchased for $2.35. This is clearly a new position, as open interest in that strike was only 1,072 contracts before the transaction appeared.
SCTY rose 2.23 percent to $38.90 yesterday, while FSLR slipped 0.1 percent to close at $49.89. Both companies announce quarterly results after the market closes next Thursday, Oct. 29.
Total option volume in SCTY was triple its daily average for the last month, with call outnumbering puts by nearly 3 to 1. Overall option volume in FSLR was more than double its average turnover, with calls outpacing puts by 4 to 1.
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First Solar is based in United states of america. First Solar is listed in Germany and in United States of America. Its market capitalisation is US$ 22.1 billions as of today (€ 20.2 billions). Its stock quote reached its lowest recent point on June 11, 2010 at US$ 100.19, and its highest recent level on October 11, 2024 at US$ 211.49. First Solar has 104 270 000 shares outstanding. |