Teva Pharmaceutical Industries Ltd. (TEVA) is on track for a turnaround, and investors have placed their bets.
The volume of Teva options contracts has jumped to a daily average of more than 100,000 this month, according to data from Bloomberg.
The surge in options trades comes as Teva announced Thursday, Dec. 14, that it will slash a quarter of its global workforce - about 14,000 employees - as part of a cost cutting plan aimed at reducing the generic drug maker's cost base by $3 billion by the end of 2019. Also on Thursday, Teva decided to suspend its dividend.
Shares of the Israeli company gained 10.7% to $17.37 mid-afternoon Thursday.
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