Banking, finance, and taxes
Oppenheimer's National City Upgrade Spurns Options Activity (NCC)
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Right after noon today, our screen for most active call options pointed out the movements in shares of National City Corporation (NYSE: NCC). We already noted that famed Oppenheimer banking analyst Meredith Whitney actually upgraded her rating of National City to an "Outperform" rating from a prior "Perform" rating this morning. But because of the woes of troubled financial stocks and the hated take-under buyouts, this stock has followed most of them lower again this morning.
CALL Strike Volume OpInt
OCT-08 $3.00 23,770 6,061
OCT-08 $4.00 11,705 24,897
OCT-08 $5.00 4,895 49,084
OCT-08 $6.00 2,591 59,036
NOV-08 $3.00 6,576 1,649
NOV-08 $4.00 595 10,367
JAN-09 $2.50 5,737 9,319
JAN-09 $6.00 1,925 200,668
As of 12:17 PM EST shares of National City are down 46% at $1.97 onmore than 180 million shares. That $5.00 target didn’t seem so highbased upon Friday’s close, but now that is a gain of 150% if it isachieved. It seems that some traders are deciding to opt of of buying stocks and using de-leveraged options strategies where they can limit their downside if a government assisted "take-under" comes their way.
Jon C. Ogg
September 29, 2008
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