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Option Clips: Adobe Systems, Oracle Corporation, and SunEdison Inc

Reviewing notable options activity on Adobe Systems Incorporated, Oracle Corporation, and SunEdison Inc

by 6/17/2014 2:28 PM
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Three names seeing notable option activity today are tech firms Adobe Systems Incorporated (NASDAQ:ADBE) and Oracle Corporation (NYSE:ORCL), and solar stock SunEdison Inc (NYSE:SUNE). Here's a look at how today's option traders have been placing their bets on these three names.

  • Adobe Systems Incorporated (NASDAQ:ADBE) is slightly higher this afternoon at $67.75, ahead of its second-quarter earnings release tonight. Historically, the company has matched or exceeded analysts' per-share profit projections in seven of the past eight quarters, for an average gain of 4.7% in the subsequent session. With this event looming on the immediate horizon, options betting has picked up -- especially on the call side, where intraday volume outpaces the expected amount by 16 times. Specifically, there appears to be some ratio-spread activity on ADBE; a block of 4,820 June 70 calls traded off the ask price, and a pair of 4,820-contract lots simultaneously changed hands near the bid price at the June 72.50 call.

  • Oracle Corporation (NYSE:ORCL) is up 1.1% to $42.63, as reports have surfaced that the tech titan may purchase MICROS Systems, Inc. (NASDAQ:MCRS) for $5 billion. In other fundamental news, ORCL received a $5 price-target hike to $48 at Canaccord Genuity last night, and is scheduled to step into the earnings confessional Thursday evening. Elsewhere, calls are trading at a faster-than-usual pace, with apparent buy-to-open activity at the in-the-money June 42 call. These traders are likely banking on another earnings beat to propel the shares even higher. Last December, in fact, ORCL topped the consensus bottom-line projection, and went on to add 5.8% in the following session.

  • Finally, like several of its sector peers, SunEdison Inc (NYSE:SUNE) is in rally mode today, up 4.2% to wink at $22.41. Earlier, the shares hit a multi-year high of $22.65, as well. In options land, SUNE calls are trading at more than double the usual intraday pace. In a similar vein, the stock's 30-day at-the-money implied volatility has risen 5.1% to $59.7%, signaling elevated demand for short-term contracts. Meanwhile, longer-term traders expect even higher highs from SUNE, as the October 25 call has seen significant buy-to-open activity.


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