Concern that Apple Pay will hurt EBay Inc. (EBAY)?s business has been overblown and the shares are poised to rally, options trading suggests.
EBay shares are down 6.8 percent since late August, when a selloff began as Apple Inc. prepared to unveil its mobile-payment system. Calls that profit should EBay gain 10 percent reached the most expensive level last week relative to puts betting on a similar drop, a sign of increased bullishness on the stock.
Among EBay options with the highest ownership, eight are calls. The contracts with the highest open interest are calls with a strike price of $52.50 that expire in October and January, according to data compiled by Bloomberg. EBay shares fell 0.6 percent Sept. 19 to $52.40.
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