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Options Radar: JC Penney Company, Skyworks, and Seagate Technology

Reviewing notable options activity on JC Penney Company Inc, Skyworks Solutions Inc, and Seagate Technology PLC

by 7/18/2014 2:31 PM
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Three names seeing notable option activity today are department store operator JC Penney Company Inc (NYSE:JCP), semiconductor specialist Skyworks Solutions Inc (NASDAQ:SWKS), and data storage provider Seagate Technology PLC (NASDAQ:STX). Here's a look at how today's option traders have been placing their bets on these three names.

  • JC Penney Company Inc (NYSE:JCP) is fractionally higher this afternoon, hovering around $8.58. Nevertheless, the retailer's call volume is running at an 87% mark-up to the intraday average. Last-minute bettors are buying to open the July 8.50 call, which will expire less than two hours from now. Meanwhile, slightly longer-term traders are targeting the weekly 7/25 9-strike call, in the hopes that JCP will rally back above $9 by next Friday's closing bell.

  • Skyworks Solutions Inc (NASDAQ:SWKS) hit a fresh 13-year high of $53.45 earlier, after last night announcing a fiscal third-quarter earnings beat and better-than-expected current-quarter guidance. This news was met with a round of price-target hikes from no fewer than 10 brokerage firms. At last check, the shares were still 14.6% higher to trade at $53.11. In SWKS' options pits, call volume has exploded to 12 times the usual intraday amount, and short-term speculators are gambling on additional gains over the next month, by buying to open the August 55 call.

  • Finally, Seagate Technology PLC (NASDAQ:STX) is off 1.1% to wink at the $58.81 level, after reporting fiscal fourth-quarter earnings last night, which were in line with analysts' consensus per-share profit estimate (subscription required). Nevertheless, on the sentiment front, STX was rewarded with price-target hikes from five analysts -- the most bullish of which was Barclays, which upped its target to $65 from $60. In options land, volume is running at triple the expected intraday clip, and earlier, the stock's 30-day at-the-money implied volatility tagged a 52-week low. Among the most active strikes is the out-of-the-money August 62.50 call, which appears to be seeing opening activity, although it's unclear whether this is occurring on the long or short side.


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