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Options Radar: Bank of America Corp, Cisco Systems, Inc., and FireEye

Reviewing notable options activity on Bank of America Corp, Cisco Systems, Inc., and FireEye Inc

by 8/22/2014 1:21 PM
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Three names seeing notable option activity today are financial firm Bank of America Corp (NYSE:BAC), big-cap tech name Cisco Systems, Inc. (NASDAQ:CSCO), and virtual security issue FireEye Inc (NASDAQ:FEYE). Here's a look at how today's option traders have been placing their bets on BAC, CSCO, and FEYE.

  • Bank of America Corp (NYSE:BAC) is extending its advance in the wake of yesterday's settlement news, with the shares last seen 0.3% higher at $16.19. The stock is on pace to end the week with a 6.4% gain, and call options are flying off the shelves at three times the typical intraday rate. Digging deeper, it seems some short-term bulls are buying to open the weekly 9/5 16.50-strike call, amid expectations for BAC to topple $16.50 -- a feat not accomplished since mid-April -- by the close on Friday, Sept. 5, when the options expire.

  • Cisco Systems, Inc. (NASDAQ:CSCO) is flirting with breakeven at $24.89, but like most other blue chips, is poised to close the week comfortably higher, up 1.8%. The security has advanced 10.9% in 2014, and option players today are gambling on CSCO to topple recent resistance in the $26 region, which has stifled the stock's rally attempts over the past year. Specifically, it looks like speculators are buying to open the October 26 call, which is the most popular option thus far.

  • FireEye Inc (NASDAQ:FEYE) is up 1.6% at $28.01, trimming its year-to-date deficit to 35.6%. The equity's short-term options are in demand, as its 30-day at-the-money implied volatility has popped 5.5% to 54.8%. Calls are the options of choice, running at twice the typical intraday pace, and outnumbering puts by a margin of more than 3-to-1. Digging deeper, bulls are taking a shine to the September 28.50 call, buying the contracts to open on hopes for FEYE to muscle atop $28.50 by the close on Friday, Sept. 19, when front-month options expire.


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