Manchester United Stock Extends Rally on Potential Sale

MANU yesterday logged its best day on record

Digital Content Manager
Nov 23, 2022 at 10:30 AM
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Manchester United PLC (NYSE:MANU) is surging this morning, last seen up 13.3% to trade at $16.93, amid reports the soccer club's owners are working with financial advisers to explore strategic alternatives, including a new investment or sale, following 17 years of ownership.

The security yesterday logged its best day on record with a 14.7% gain, and earlier hit its highest level since October 2021. Shares also blew past a ceiling at the $15 region, which  capped several of the security's rallies over the past year, while the $12.40 level has been supportive since late September. Year-to-date, MANU is up 20.6%.

Manchester United's usually quiet options pits are bursting with activity today. So far, 2,441 calls and 848 puts have crossed the tape, which is 23 times the volume that is typically seen at this point. The December 20 call is seeing the most activity, followed by the 15 call in that monthly series. 

It's also worth noting the equity's Schaeffer's Volatility Scorecard (SVS) sits at 75 out of 100. This indicates MANU tends to exceed options traders' volatility expectations -- a good thing for buyers.


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