At around 10 am ET on Wednesday, shares in SunEdison Inc. (Ticker: SUNE) reversed early-morning declines and jumped more than 11% to $21.39 on speculation General Electric Co. (Ticker: GE) may be interested in purchasing the company. Speculation has since been snuffed out after a spokeswoman for General Electric stated the company is not in talks to acquire the company. Shares in SUNE continue to trade up on the session, albeit off earlier highs, to stand 3.5% higher on the day at $19.98 and above its opening print of $19.46. The move in the stock sparked very heavy trading in options on the stock, sending volume to just below 100,000 contracts by 1:00 pm ET versus average daily options volume of around 24,000 contracts. Much of the trading traffic was in SUNE calls, driving the call/put ratio to roughly 10.0 during the first half of the session. Volume in shares of SUNE also spiked, with nearly 25mm shares traded versus average volume of 11.3mm shares.
Chart – Two-day chart of SunEdison
Tags: GE, SUNE
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