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Boston Scientific Call Players Bank on Short-Term Gains

BSX speculators scoop up February-dated calls

by 1/3/2013 12:43 PM
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Call players are targeting Boston Scientific Corporation (NYSE:BSX - 5.98) in today's session, with more than 6,900 contracts crossing the tape so far. By contrast, the stock typically sees fewer than 1,300 calls change hands during the course of an average day. Meanwhile, only 95 puts have traded on BSX, highlighting the unusually strong preference for bullishly oriented options.

The undisputed center of attention is BSX's February 6 call, where 6,089 contracts have been exchanged. The vast majority of these calls traded closer to the ask price, indicating they were purchased, and implied volatility on this option has jumped 4.7 percentage points at last check. Based on this data, it looks as though new calls are being bought to open at this strike today.

These contracts traded at a volume-weighted average price (VWAP) of $0.25, which means call buyers will break even if BSX rises to $6.25 (strike price plus VWAP) by February expiration. The shares are currently trading at $5.98, so they'll need to gain more than 4.5% before today's option bulls begin to see profits.


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