DAN - Dana Holding Corporation – Bullish options are changing hands on Dana Holding Corp today, with shares in the name up as much as 3.5% on the day to a new 52-week high of $22.67. The auto parts maker this morning announced it has entered into a $200 million accelerated share repurchase agreement, after previously increasing its buyback program to $1 billion some six weeks prior. The most actively traded options contracts on DAN today are the Aug $22 strike calls, with volume topping 1,000 lots versus open interest of 252 contracts. Time and sales data suggests one trader purchased most of the calls at a premium of $0.30 apiece within the first few minutes of the opening bell this morning. Intraday gains in the price of the underlying shares has more than doubled the value of the position, lifting the asking price on the $22 calls up to $0.85 each as of 11:50 a.m. ET. Dana Holding Corp. is scheduled to participate in the J.P. Morgan Auto Conference in New York tomorrow morning.
LNKD - LinkedIn Corp. – Shares in LinkedIn are up sharply on Monday, trading up 3.0% during morning trading to a record high of $239.90, after the stock was raised to ‘buy’ from ‘hold’ with a 12-month target price of $280.00 at Needham & Co. Trading traffic in LinkedIn options expiring in October suggests some strategists are positioning for shares to continue higher during the next couple of months. More than 600 of the Oct $280 calls changed hands this morning against open interest of 72 contracts. It looks like most of the calls were purchased, with some of the contracts picked up for as much as $3.10 apiece. Call buyers stand ready to profit at October expiration in the event…
This article will become free after 48 hours (see below for free content). To read the rest of this article now, along with Phil's live intra-day comments, live trading ideas, Phil's market calls, additional member comments, and other members-only features - Subscribe to Phil's Stock World by clicking here.
