NEW YORK (TheStreet)-- It's back to business as usual for this bull market as hundreds of names hit new all-time highs and option implied volatilities (excepting oil names) back to the relatively humdrum CBOE Volatility Index (VIX) 11.50 level.
The following names exhibited bullish option flow today, in the form of unusual opening upside call buying.
KeyCorp KEY - Increased call activity with newswires noting deal speculation. With shares closing up $0.34 to finish at $13.83, we saw 7,500 calls trade early Friday vs. 131 puts. December $14 calls leading, with March $14, December $15 and December $13 calls also seeing interest.
TJX Companies TJX – Looks like a bull went shopping for calls in TJX in the form of far upside longer-dated calls. The buyer paid $2.55 for 2,500 Jan16 $75 calls to opens new position struck nearly $10 out-of-the-money. TJX shares set an all-time high last week on Black Friday.
SolarCity SCTY –Several solar names were hot early Friday. Buyers lifted 1000 short-term December12 WEEKLY $57 calls for $1 just before 10am, with 1,000 Canadian Solar (CSIQ) December 5 Weekly $23.5 calls bought for $1 a few minutes later. A bit after that SunPower (SPWR) calls jumped as TheFlyontheWall.com noted chatter in the name. All three names pulled back from highs but at midday are back near the early levels.
AT&T (T) AT&T options were very active this week. A longer-term bull put spread on the telecom traded Wednesday and then Thursday a buyer opened a 20,000-lot of June $37 calls for $0.34 (rolling out of January $37 calls at $0.03). With shares off $0.02 to $33.89 on Friday, the top options trade is a December $34 - $35 call spread for $0.23, 30,000 times. This might roll some bullish positions in December $35 calls (opened on Nov. 25) down to the higher delta December $34 calls. Another 8,500 January $37 calls also traded in the stock today and appears to be repeat buying from yesterday. Three days of bullish flow in AT&T comes despite a 4.2% skid in shares this week and ahead of a Dec. 9 presentation at a UBS conference next week.