XRX – Xerox Corp. – It looks like one optimistic individual enacted a large-volume bullish risk reversal on the largest maker of high-speed color printers today in order to position for appreciation in the price of the underlying shares through September expiration. Xerox’s shares are currently up 0.50% at $9.58 just before 12:40 pm (ET). The bullish player appears to have sold 15,000 puts at the September $9.0 strike for a premium of $0.25 apiece in order to purchase the same number of call options at the higher September $10 strike for a premium of $0.35 each. The net cost of the spread amounts to $0.10 per contract. Thus, the trader responsible for the transaction makes money as long as XRX shares increase another 5.4% to surpass the effective breakeven price of $10.10 ahead of expiration day in September.