Microsoft Call Options Flying Just Prior to Appeals Court Ruling

In recent weeks investors have been trying to time the ruling in the Microsoft(MSFT Quote) antitrust case by the U.S. Court of Appeals by playing a game of pitch and toss in the options market.

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Rumors that the judicial body was ready to release a decision have been buffeted about frenzied trading floors every Tuesday and Friday over the course of the past six weeks. (The court generally releases decisions on those days.) As a result, option orders rang in at a quickened pace as investors, both retail and institutional, sought to cash in on the outcome. ...