Shares of Noble Corporation (NE) are trading lower on the session by 0.38%, at $36.99. The stock made a six-month high back on October 19th, but has been retracing since. With shares now testing the 50-day moving average (200-day also just below), you have to wonder if it can find support here.
One trader is betting just that and is buying upside calls. A short wile ago the January 2013 $41 call traded 4,167 times, on the offer, for $0.60. With open interest of only 300 contracts, this is clearly new positioning.
Overall call volume is now running at 4x normal volume with 5,720 contracts traded.
30-day implied volatility is popping 11.2% today to 31.82%, while 10-day realized vol is registering 34.13%.
Noble Corporation is an offshore drilling contractor for the oil and gas industry. The company performs contract drilling services with its fleet of 79 mobile offshore drilling units and one floating production storage and offloading unit located globally.?