Gannett Co., the publisher of USA today as well as several online sites, saw bullish call action back in mid-January when a trader bought about 20,000 of the July 23 calls.? Since then stock is up 7.5% and IV has crept higher in the name.?
Traders that own the 20 calls appear to be locking in some profits while keeping some exposure.? A trader sold 10000 of the July 23 calls collecting 1.20 then bought the 24 calls paying .90.? This likely locked in most of the original cost of the 23 calls and allowed the trader to reduce exposure.
Like PBI if one was inclined to piggy back this trader, I would be buying the 22 or the 23 calls and selling the 24 calls against it.