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Intel Corporation (INTC) calls are trading at an accelerated clip
Call buying has picked up in Intel Corporation's (NASDAQ:INTC) options pits, with the contracts crossing at a 50% mark-up to what's normally seen at this point in the day. Traders have targeted the weekly 2/27 34-strike call, with data confirming buy-to-open activity. These traders are betting on INTC to move further beyond $34 by this Friday's close, when the contracts cease trading.
Today's preference for calls runs counter to what's previously been seen in the stock's options pits. For example, INTC's 50-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 0.91 ranks in the 82nd percentile of its annual range. In short, traders have been picking up long puts over calls at an accelerated rate in the past 50 sessions.
Reinforcing this activity is the equity's Schaeffer's put/call open interest ratio (SOIR), which comes in at 1.06, meaning put open interest outweighs call open interest among options expiring in three months or less. What's more, this ratio is higher than 66% of all such readings from the past year, suggesting speculative players are more put-heavy than usual toward INTC.
Intel Corporation (NASDAQ:INTC) has been a technical outperformer in the past 52 weeks. Year-over-year, the stock has added 38%. Today, the shares were last seen 0.8% lower at $34.11.