Stocks quoted in this article:
Bristol-Myers Squibb (BMY - 53-1/16) has risen over three percent today after receiving positive mention in this weekend's Barron's
. The weekly publication cited a fund manager with Invesco, who said that the stock has the potential of reaching 60 in the next few months, as investors recognize the equity's "inherent value." A move to 60 would mark a nearly 17-percent increase from Friday's closing price.
BMY is seeing notable option activity today, with nearly everything concentrated on the put side. The September 60 and 65 put strikes have seen 2,500 and 2,200 contracts trade today, respectively. A number of large blocks were traded as spreads between these two front-month positions during the first half-hour of trading. Additionally, 4,740 contracts have changed hands on the January 2002 60 LEAPS put. Prior to today, this strike was home to 2,804 contracts, suggesting that at least half of today's volume consists of new positions. Two mammoth blocks of 2,230 and 2,500 contracts were executed around 10:00 a.m. This is currently the most-active put option trading on the CBOE today.