This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bulls Come Back to Symantec

By Pete Najarian, co-founder of OptionMonster

NEW YORK ( TheStreet) -- Option trading has been active in Symantec (SYMC), and the bulls were back Tuesday.

Volume spiked in the August 27 calls and the September 30 calls, according to OptionMonster's tracking systems. The August 27s were sold for about 13 cents and the September 30s were bought for 8 cents and 9 cents, so it appears that traders were rolling positions to higher and out in time.

These calls lock in the price where the computer-security stock can be purchased, letting investors take cheap positions that will benefit from a rise in the shares. The traders can keep riding a rally without ever owning the shares if they so choose, limiting the amount of money at risk while having the potential for huge leverage.

Symantec shares rose 0.11% to $26.96 yesterday. Trading in the name surged in June as the call buyers rushed in, with even more coming in the next month. Shares pushed to a 52-week high last Thursday, and some of those options were up more than 500 percent.

Overall calls outpaced puts by 9,300 to 1,078, a further reflection of the session's bullishness.

Najarian owns SYMC calls.

This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $127.60 0.00%
FB $83.09 0.00%
GOOG $535.38 0.00%
TSLA $205.27 0.00%
YHOO $44.66 0.00%

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports