Elevated ITT Options on Rumor (ITT)

Posted in General, Options 
October 13th, 2009

We are seeing elevated trading in ITT Corporation (NYSE: ITT) on trader chat of a takeover.  ITT has been a rumored takeover before, but be advised its market cap is almost $10 billion.  We have seen over 3 million shares trade as of 12:30 PM EST and average volume is only about 1.45 million shares.  Here is the options trading seen in the call options:

OCT-$55 CALLS: 3,692 contracts traded vs. open interest of 3,262 contracts.
NOV-$55 CALLS: 4,280 contracts traded vs. open interest of 460 contracts.
NOV-$60 CALLS: 4,724 contracts traded vs. open interest of 688 contracts.
JAN-$55 CALLS: 1,930 contracts traded vs. open interest of 988 contracts.
JAN-$60 CALLS: 522 contracts traded vs. open interest of 279 contracts.
JAN-$65 CALLS: 761 contracts traded vs. open interest of 80 contracts.
JAN-$70 CALLS: 753 contracts traded vs. open interest of 602 contracts.

JON C. OGG

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