Notable call activity in International Paper
Notable call activity in International Paper. The stock off 85c to $53.36 and 10K Jul 60 - 65 call spreads sold at 7c while 10.2K Jul 57.5 calls bought for 48c. The Jul 60 - 65 call spread probably closes a position opened in March, including 5K of the same spread opened for 99c on 3/13/18 with shares near $55. The investor is closing the vertical spread and opening a slightly larger bullish position in long 57.5 calls. Meanwhile, paper is also showing interest in IP Jun 55 calls Tuesday with 4.1K contracts changing hands. Total volume is 8X daily average at 38K calls and 540 puts. Earnings last reported 4/26 and the company presents at a Goldman Sachs Basic Materials conference tomorrow.