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Options Radar: Galectin Therapeutics, Electronic Arts, and Staples

Reviewing notable options activity on Galectin Therapeutics Inc., Electronic Arts Inc., and Staples, Inc.

by 7/30/2014 1:21 PM
Stocks quoted in this article:

Three stocks seeing notable options activity today are biotechnology firm Galectin Therapeutics Inc. (NASDAQ:GALT), video game guru Electronic Arts Inc. (NASDAQ:EA), and office supply issue Staples, Inc. (NASDAQ:SPLS). Here's a look at how today's options traders have been placing their bets on GALT, EA, and SPLS.

  • Following yesterday's roughly 61% plunge, GALT is soaring today, after issuing a statement of defense for the clinical trial results of its liver drug, GR-MD-02. In fact, the shares -- whose steep sell-off yesterday sent Galectin Therapeutics Inc. to the short-sale restricted (SSR) list -- were last seen 22.8% higher at $6.99. Meanwhile, in the stock's options pits, overall volume is trading at seven times the average intraday pace, with buy-to-open activity detected at the January 2015 7.50-strike call and the August 7.50 call.

  • EA has edged 0.3% higher to $34.45 this afternoon, in the wake of launching its new video game subscription service for Microsoft Corporation's (NASDAQ:MSFT) Xbox. On the charts, the equity has performed well in 2014, and has tacked on roughly 50%. Meanwhile, in Electronic Arts Inc.'s options pits, calls are trading at 11 times what's typically seen at this point of the day, with nearly all of the volume centering on the September 37 and 41 calls and the December 37 and 41 calls. According to Trade-Alert, one cautiously optimistic trader may be giving her bet a few more months to play out, by rolling out her September bull call spread to the December series.

  • SPLS is up 0.9% at $11.18 this afternoon, and is making an honest effort to notch a daily close north of its 50-day moving average -- currently located at $11.15 -- for the first time since taking a 12.6% earnings-induced dive on May 20. Option traders in today's session are rolling the dice on the equity bucking this bearish post-earnings price action when SPLS steps into the confessional ahead of the open on Wednesday, Aug. 20, by buying to open the stock's out-of-the-money September 12 calls. With more than 14% of Staples, Inc.'s float sold short, though, some of this activity could be at the hands of shorts hedging against any unexpected upside.

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