Mid-day Flow Summary: General Sentiment, AAPL & LEE
The markets are taking another dive today with the Dow down over 200 around 11:00. This comes after the government released the weakest job report in several years. The CBOE Volatility Index was up 2.45 to 26.44. That's not a terribly good sign for the economyís health and overall market stability.
Apple Inc. (AAPL)
Options on AAPL are on the most active list once again. 16,488 SEP 145 calls and 15,415 SEP 140 calls have traded thus far today. The majority of this activity is bullish with bottom fishers stepping in after the stock has sold off almost $17 since early September.
Lee Enterprises (LEE)
Options on LEE are trading at 38 times its average daily volume (ADV).
Most of today's activity has been in the APR 08 20 calls. Unusual volume also has been noted on August 29th (11 times ADV) and August 30th (4 times ADV). The stock has traded as high as $35.65 and as low as $15.33 over the last fifty-two weeks.
The decline is due to falling ad revenues and reduced circulation as readers continue to move towards the internet for their news. Buyers of longer dated calls are possibly positioning for a turnaround in ad sales later next year as the economy rebounds.
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