While some investors went to lunch, options investors in
Yahoo! (NASDAQ: YHOO )
Altera Group (NASDAQ: ALTR )
expressed bearishness in the names.
By 12 p.m. EST, more than
7,200 YHOO October 20 calls
had crossed the tape thanks to investors who could have
sold these options for around 19 cents per
In this bearish play, investors are calling for limited upside in
the stock. These short calls turn profits if YHOO shares close
lower than $20.19 at October options expiration.
These out-of-the-money calls are home to current open interest
of 10 contracts, indicating investors sold them to open. Implied
volatility of the October 20-strike calls, which have dropped three
cents on the day, is 25%.
YHOO announced a global partnership with Twitter this morning to
allow access to Twitter feeds through the YHOO Web site. YHOO
shares have climbed 14 cents to $15.52 so far today and it's
itneresting that these calls have dropped despite the rally in the
By12:19 p.m. EST, several large blocks of the
ALTR April 24 puts had traded, totaling nearly 13,000
. A look at the largest blocks of these options suggests
investors paid roughly $1.05 per contract
, indicating bearish stances on the company. Investors who bought
these puts will make money if ALTR shares close lower than $22.95
at April options expiration.
The April 24 puts are home to current open interest of just 30
contracts, indicating investors opened long positions in these
options. The options, currently trading down 50 cents on the
day, have an implied volatility of 27%.
ALTR did not announce any company specific news, but Stifel
Nicolaus resumed coverage of the stock with a "buy" and set a
target price of $30. This positive news could account for the 4%
pop up in the stock to $24.19 so far today.