Vale calls outpace puts 6:1 ahead of earnings
Vale calls outpace puts 6:1 ahead of earnings. The stock off 29c to $14.36 and biggest trades are part of a ratio spread, as 10K Mar 10 calls sold at $4.37 to buy 5.9K Mar 2nd 14.5 calls for 26c. The Mar 2nd 14.5 calls open and the other leg likely closes some positions opened 11/14/17 when 14.5K traded for 75c, with shares at $9.71. The stock has rallied 48% since that time and the investor is monetizing the gain on the ITM Mar 10s, while taking a new smaller position in weekly upside call options that expire two days after the company's earnings, due before the bell tomorrow. 12.9K Mar 2nd 14.5 calls trade total. Mar 12 calls, Apr 13 puts, and Mar 2nd 13.5 calls are drawing interest as well. Total volume is 34K calls and 5.4K puts.