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Options Recap: Merck, Cubist, Leap Wireless

OptionMonster co-founder Pete Najarian provides options picks Monday, Wednesday and Friday in's Deep in the Money Calls newsletter.

By David Russell, a reporter at OptionMonster .

Frontier Oil (FTO): The oil company has given up about 30% of its value since the beginning of June when the price was above $18.

Plains Exploration (PXP): The oil and gas company is down 17% in the past month, and at least one large trader is betting on further downside.

Sigma Designs (SIGM - Get Report): The company is down more than 13% from its recent high, allowing one trader to take profits and maintain a bet against the semiconductor company.

Merck (MRK - Get Report): Shares of the pharmaceutical company are trying to claw back some of the losses from Thursday, but the options action is bearish.

Cubist (CBST): The pharmaceuticals company will report earnings next week, and one trader is positioning for a bumpy ride in the shares.

Monday Pre-Market:

A closer look at bid/ask spreads: A reader recently asked how and why bid/ask spreads vary for different strikes and underliers. To explore the issue, we compare the cases of U.S. Steel (X) and AmBev (ABV) calls.

Leap Wireless (LEAP): The wireless carrier is down 19% in the past month, prompting traders to bet on a rebound.

ICICI (IBN): The Indian bank is near its highs and seeing some interesting options trading as both puts and calls light up our systems.

Infosys (INFY): At least one big investor thinks the outsourcing firm is headed lower after it enjoyed four months of gains and ran up against potential resistance at $37.50.

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LEAP $0.00 0.00%
PXP $0.00 0.00%
CBST $101.94 0.14%
IBN $6.49 0.00%
MRK $54.09 0.00%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

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