Options: Bulls in SunTrust Banks
By Jud Pyle, CFA, chief investment strategist for the Options News Network
Shares of SunTrust Banks (STI Quote) have rallied about 100% since reaching a 52-week low on Feb. 19 (the stock sank to $6.70), and at least one investor made a bullish bet on a continued rally in this name.
Looking at the July 19 calls, an investor bought these contracts more than 5,200 times at 35 cents per contract during the first 15 minutes of trading today when the stock was up 45 cents to $14.25. Current open interest of these calls is 7,000.
This investor is betting that STI shares will expire higher than $19.35 come July expiration. The stock is currently up $1.36, that's almost 10%, to $15.16. The break-even point of these calls shows how far this investor is betting the stock might rise. ...
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