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M&A Chatter Sparks Bullish Betting on Nokia Corporation (ADR) (NOK)

Nokia Corporation (ADR) option buyers are picking up weekly calls

by 2/21/2014 11:45 AM
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Option Brief: Nokia Corporation (ADR) (NYSE:NOK) is up 1.4% to $7.41, bringing its week-to-date gain to 3.8%, as speculators continue to digest chatter of a possible bid for Juniper Networks, Inc. (NYSE:JNPR). Against this backdrop, option traders today are waxing optimistic on NOK's short-term technical prospects, picking up calls with a shelf-life of just one week.

So far today, NOK has seen roughly 8,500 calls change hands, compared to fewer than 2,700 puts. Most popular is the weekly 2/28 7.50-strike call, where more than 2,600 contracts have traded, primarily on the ask side. Volume has exceeded open interest at the strike, suggesting speculators are purchasing the contracts to open.

The buyers' goal is for Nokia Corporation (ADR) (NYSE:NOK) to extend its recent uptrend over the next week, before the options expire at Friday's closing bell. More specifically, the calls will move into the money if NOK topples $7.50. Delta for the calls has risen to 0.42 from 0.35 at yesterday's close, implying a roughly 42% chance of the options finishing in the money at expiration. Should NOK remain beneath the strike through the end of next week, the most the buyers are risking is the initial premium paid for the calls.


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