Popular Gap Reversal (BPOP)

Posted in Options 
May 3rd, 2010

Popular, Inc. (NASDAQ: BPOP) was trading up again and continued up after the gains on Friday evening, but the stock exhibited a true gap & crap pattern after the open.  As covered in The Unusual Suspects this weekend… It has already been a winner with shares up big in the last 3 months.  Shares rose by 8.6% to $4.29 in the after-hours session on more than 900,000 shares Friday on the news: Westernbank Puerto Rico was seized by the FDIC on Friday with about $11.9 billion in assets; Banco Popular agreed to acquire Westernbank’s deposits and about $9.4 billion of its assets, with the FDIC keeping the rest for future sale.

Shares opened at $4.10 after a $3.95 close… At 9:37 AM EST we now have shares DOWN 3.3% at $3.83 on almost 9 million shares.

Shares closed at $3.95 Friday and were up 5% at $4.15 on just over 1 million shares right before the open.  The old 52-week high is $4.23, so this could mark a 52-week high if any added strength returns.


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