Traders Try to Connect with Global Crossing Call Options

On what has been a fairly flat day, beleaguered telecommunications firm Global Crossing(GX Quote) was seeing some interest in the options market.

There was heavy volume on July 10 calls of Global Crossing this morning, with volume at 10,000 vs. an open interest of 604. The Bermuda-based company is a multiple-listed option, but customers seem to have found a "fair price" on those calls on the Philadelphia Stock Exchange. According to CIBC World Markets strategist Mike Schwartz, customers are flocking to the Philly because it has the best available premium on the July 10 calls. As a customer, you're not going to pay $3 in one place when you can get it for $2.50 somewhere else.

The stock was down 44 cents, or 4.8%, to $8.81 in recent trading. ...