Stock Options Watch: IGT

IGT – International Game Technology – Traders appear to be snapping up front month call options on the maker of electronic gaming equipment today, with shares in International Game Technology trading up as much as 7.2% during the first half of the session to touch a new 52-week high of $20.94. Options volume on IGT is approaching 17,000 contracts just before midday in New York, roughly 18 times the stock’s average daily options volume of approximately 950 contracts.

The Sep $20 strike calls are the most actively traded as measured by volume on IGT today, with 3,200 contracts exchanged against open interest of 1,137 contracts. Time and sales data indicates most of the $20 calls were purchased this morning; traders paid $0.55 apiece for approximately 1,000 contracts, $0.75 for another 1,000 contracts and $0.90 for roughly 1,000 of the call options. Bullish positioning spread to the Sep $21 calls, with around 1,600 lots purchased for an average premium of $0.39 each. Traders also appear to have purchased around 900 of the Sep $22 strike calls for an average premium of $0.11 each, and more than 200 of the $23 strike calls at an average premium of $0.08 per contract.

About Caitlin Duffy 373 Articles

Affiliation: Interactive Brokers

Caitlin Duffy joined Interactive Brokers in 2009. In her role as Equity Options Analyst, Caitlin provides daily market commentary; highlighting various options trades, trading patterns and strategies of interest. Through Interactive Broker's webinar program, Ms. Duffy presents a number of educational, options-related events describing the theoretical pricing of options, the option Greeks as well as options strategies.

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