Traders Buy In to Moynihan's Plan for BofA . |
Wall Street Journal - Sep 14, 2010 |
Investors behind the day's most notable options trade bet that Bank of America Corp.'s stock can stage double-digit percentage gains this fall.
Shares in the Charlotte, N.C. bank fell as much as 2.2% ahead of a much-awaited speech by Chief Executive Brian Moynihan. But investors behind this options move used the occasion to ramp up a bullish bet.
Specifically, they traded in 70,000 $14 Bank of America September call options to buy the same number of November $15 contracts.
A call conveys the right to buy shares at a fixed price some time in the future, and typically signals bullish intent.
Read Full Article from Wall Street Journal
- Posted: 2010-09-14 21:44:26
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