Unusual trades in Countrywide calls raise eyebrows About 304,000 calls compared with 248,000 puts traded in Countrywide, a combined volume five times its normal level, according to market research firm Trade Alert.
"It looks like somebody was informed because the call volume in Countrywide was so heavy earlier in the day ahead of news that Bank of America may be close to a deal for the mortgage giant," said Jon Najarian, co-founder of Web information site optionmonster.com in Chicago.
The January $5 calls closed at $3.20 a contract, up from a range of 65 cents to $1 earlier in the day. The 19,000 $5 calls apparently bought before the news represented a paper profit of a potential $4 million at the end of the day, Najarian said.
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