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Option Brief: LinkedIn Corp (NYSE:LNKD) call volume has soared to more than three times its average intraday pace this morning. By the numbers, roughly 26,000 calls have changed hands so far, compared to 11,000 puts. Diving deeper into the data shows that a number of speculators are calling for the stock to reclaim levels not seen since before an ill-received earnings report sent LNKD tumbling earlier this month.
Specifically, the most active position is LNKD's weekly 2/28 215-strike call, where a healthy portion of the 3,181 contracts traded have done so on the ask side. Implied volatility has shot up 5.3 percentage points, and volume outstrips open interest. In other words, it appears a portion of the day's activity is of the buy-to-open kind.
As touched upon, LinkedIn Corp (NYSE:LNKD) has had a lackluster month, with the shares off 3.2%. However, this recent price action just highlights the equity's downtrend since hitting a record peak of $257.56 in mid-September.
In today's session, LNKD managed to hit the $211.35 mark earlier following reports that it is trying to increase its presence in China. However, the stock was quickly rejected by its descending 50-day moving average -- a trendline that has been pressuring the shares lower since late October -- and was last seen lingering near $208.22.