We see an Oct roll in BUD from a Sep bust, big volume outside the market in PFE, and a collar in GPRE.
Calls roll up in BUD- a spec roll that has not quite worked
Shares of Anheuser Busch Inbev (BUD) are down .21 to 114.49 today.? BUD is trading near the top of the 52 week range.
Today paper traded 2000/1947 BUD Sep115/Oct 120 calls for .65.
- The ADV is 1193 contracts.
- The OI is 5348 and 240 contracts.
Volume went up in two huge blocks.? ?The call roll is probably banking on an eventual lift in BUD since the stock has not been able to break out into new highs.? The customer will need a good run to collect on these calls.? Most likely the Sep calls were a wash or small loss on the .25 close.
- 30-day implied volatility is 19%.??
- 10-day implied volatility is 20%.?
- 30-day implied volatility is trading below the 10-day realized volatility.
Anheuser-Busch InBev SA, formerly Anheuser-Busch InBev SA/NV, is a brewing company. The Company produces, markets, distributes and sells a balanced portfolio of approximately 200 beer brands. These include global flagship brands Budweiser, Stella Artois and Beck?s; multi-country brands, such as Leffe and Hoegaarden, and many local champions, such as Bud Light, Skol, Brahma, Quilmes, Michelob, Harbin, Sedrin, Klinskoye, Sibirskaya Korona, Chernigivske and Jupiler.
Size calls trade in PFE- big volume outside the market
Shares of Pfizer Inc. (PFE) are trading down .04 to 30.53 today. ?PFE is near the upper end of the 52 week range.
Today paper traded 133K PFE Sep 31 calls for .10.?
- The ADV 45k contracts.
- The OI is 146k contracts.
Volume went up in two massive blocks.? The .10 kind was outside the offer at the time so it looks like the customer was closing the position and did not want a risk or exercise or assignment.? With the stock near the strike they waited to the last minute to close.
- 30-day implied volatility is 16%.
- 10-day implied volatility is 13%.
- 30-day implied volatility is trading above the 10-day realized volatility
Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. The Company manages its operations through five segments: Primary Care; Specialty Care and Oncology; Established Products and Emerging Markets; Animal Health, and Consumer Healthcare. The Company?s diversified global healthcare portfolio includes human and animal biologic and small molecule medicines and vaccines, as well as nutritional products and consumer healthcare products.
Collar buyers trade in GPRE- looks like a collar goes up
Shares of Green Plains Inc. (GPRE) are down .28 to 37.75 today. ?GPRE is at the upper end of the 52 week range.
Today paper traded 3740-1840 GPRE Mar 30p/45 calls for 1.05.?
- The ADV is 2380 contracts.?
- The OI is 191 and 3280 contracts.
Volume went up in 2 big blocks.? The trade was marked spread so it is most likely open on both side even with the large open interest on the GPRE Mar 45 calls.? The ratio makes this a more aggressive upside play to leave the leg open.? If the client has an existing stock position they want some upside room.
- 30-day implied volatility is 45%.
- 10-day implied volatility is 48%.
- 30 day implied volatility is trading below the 10-day realized volatility
Green Plains Inc. (Green Plains), formerly Green Plains Renewable Energy, Inc., incorporated on June 29, 2004, is vertically integrated producer, marketer and distributer of ethanol. Green Plains operates in four segments: ethanol production, corn oil production, agribusiness and marketing and distribution segment.