Novartis option volume is 9X daily average as calls see interest after earnings
Novartis option volume is 9X daily average as calls see interest after earnings. The stock gained nearly 3% yesterday after the company released results Wednesday morning and has given back 15c to $80.81 Thursday. In option action, Jul 80 calls trade for $1.10 and 1.5 per contract, as players are apparently covering (short) calls that expire tomorrow: 9.5K trade against 15.4K open interest (largest OI in the name). Meanwhile, buyers are active and openings positions in Oct 85 calls, where 4.7K contracts changed hands. Aug 82.5 calls, Aug 77.5 calls, and Aug 80 calls are active as well. Total volume 20K calls and just 140 puts.