Options News
$MPC bulls pump more gains
Option traders tripled their money today on upside positions in Marathon Petroleum (MPC) for the second time this week. On Aug. 8, Market Rebellion’s activity scanners identified the purchase of 19,000 January $52.50 calls were bought for $2.80 as part of a bullish roll with shares at $48.48. This was clearly a new position, as […]
Option traders tripled their money today on upside positions in Marathon Petroleum (MPC) for the second time this week.
On Aug. 8, Market Rebellion’s activity scanners identified the purchase of 19,000 January $52.50 calls were bought for $2.80 as part of a bullish roll with shares at $48.48. This was clearly a new position, as open interest in the strike was only 1,307 contracts before that session began.
Those calls traded for as much as $8.73 today, more than 3 times their purchase prices. The stock rose 21.51% in the same time period, a large move but nowhere near that of its options on a relative basis.
It is the second winning trade in the name posted on Market Rebellion in the last three sessions.
MPC is up 6.38% to $59.02 in midday trading. Activist fund Elliott Management renewed its demand for the oil refining and transportation firms to split into three companies.