Seagate Has Room to Rise, Options Show
By Jon "DRJ" Najarian, co-founder of OptionMonster.
Seagate Technology(STX) climbed as much as 11% after unveiling a new product line, and options suggest traders are expecting more gains. Call options in the hard-disk-drive maker exceeded normal trading volume by 10 times. Based on heavy trading in June contracts, there's talk that Seagate may be considered a takeover candidate. By mid-session, volume had already topped that of the past 30 days -- six times over. Particularly in the staid world of computer hardware, that's not likely to have been caused by a product release. Having said that, the debut of Seagate's BlackArmor suite for small businesses and self-employed entrepreneurs was fortuitously timed as the Nasdaq 100 index was down today. Rivals Western Digital(WDC) and SanDisk(SNDK) also increased, though not as much. The writer has a position in STX.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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