CBS Draws Bullish Options Trades
Stock quotes in this article:CBS
By Chris McKhann, analyst at OptionMonster
NEW YORK (TheStreet) -- Shares of CBS(CBS) have fallen 16% in the last week, but option traders were bullish on the network Wednesday. CBS fell 5.6% on Wednesday, closing at $11.74. A week ago it peaked above $14, putting in a new 52-week high. The stock has put in an impressive run from the March low near $3, but still must climb by some 200% to get back to the high set in July 2007. OptionMonster's proprietary tracking systems picked up on the purchase of more than 5,000 of the November 11 calls, almost all of them traded at the same second across various exchanges for $1.15. These calls are in the money and, as such, need CBS only to return to Tuesday's levels or even Wednesday's highs to be profitable. The stock would need to rise at least 3.5% by expiration for the calls to turn a profit. The company is scheduled to release earnings on Nov. 5.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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