Crown Castle International has pulled back in the last month,
and the bulls apparently think that current prices are cheap.
optionMONSTER's Heat Seeker monitoring program detected the
purchase of about 3,700 March 70 calls in volume that was more than
3 times higher than the strike's previous open interest of just
1,091 contracts, indicating new positioning. Most of activity
occurred halfway through Friday's session for $0.65 to $0.90, with
premiums rising as the trades crossed. Later in the afternoon, they
would fetch as much as $1.15.
lock it the price where investors can buy shares in the company,
which owns wireless-communications towers. CCI, along with American
Tower and SBA Communications, rallied in 2012 amid plans to become
tax-free real-estate investment trusts but have been falling more
recently. (See our propriety
tool for more on how the companies stack up against more than 100
other industry groups in the market.)
CCI rose 1.86 percent to $67.90 on Friday but is down 6 percent so
far this year. The shares are back around a level where they
consolidated in the fourth quarter, which could be leading some
chart watchers to believe that it's worth taking a shot now.
Total option volume was 13 times greater than average, according to
the Heat Seeker, with calls accounting for a bullish 87 percent of
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