Fifth Third Bancorp (FITB)

[MWM]

Heavy Call Buying in Fifth Third Options
04/01/09 - 02:05 AM EDT

OptionMonster
By Pete Najarian, co-founder of OptionMonster

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Fifth Third Attracts Heavy Call ActivityDollar Mostly Lower on Earnings, Economic Data Market Activity Fifth Third Bancorp (FITB Quote - Cramer on FITB - Stock Picks) was one of a long list of regional banks that had been practically left for dead, but Tuesday its shares spiked higher by nearly 18% with heavy options activity.

The August options show the most call-to-put activity, with the FITB August 5, 7.50, and 12.50 calls all making waves. The 23,000 contracts trading at these strikes by mid-afternoon far surpassed the 20-day average of 8,300, according to OptionMONSTER's tracking systems. The activity in each of the months is swelling, with some pending near-term catalysts that could influence the financials in a hurry.

Shares of Fifth Third Tuesday fell a penny short of reaching $3 for the first time since Feb. 9. The stock still finished the session up 17.74% to $2.92, though it fell 3% in after-hours trading.