Shares of Sealed Air (SEE) are trading solidly higher this morning following the company?s announcement that it?s Chief Executive Officer, William Hickey, plans to retire in March.
Management said that Jerome A. Peribere, a veteran from Dow Chemical Co. (DOW), would enter as Hickey?s successor. Traders seem to like the move and are bidding shares higher today.
Calls are also active on the name. The October $15.00 call is seeing the majority of the action with over 3,800 contracts traded on open interest of just 2,632. Buyers have been coming after the offer all session.
First, was a block of 878 calls that was purchased on the offer for $0.35. Seconds after, 404 calls were purchased on the offer at $0.40. Finally, a minute after that, 1,729 Oct $15 calls traded near the offer at $0.40. The bid/ask spread was $0.30/0.45 at the time of trade, indicating that this was also likely a purchase?
Overall call volume is running at 3.79x normal volume with 4,758 calls traded.
Sealed Air Corporation is engaged in food safety and security, facility hygiene and product protection. The company serves a range of end markets including food and beverage processing, food service, retail, health care and industrial, commercial and consumer applications.?