Explosive US Steel Options Volume (X)

Posted in Options 
August 18th, 2010

United States Steel Corp. (NYSE: X) is seeing an explosion in its options trading on Wednesday.  Much is likely ahead of expiration for August this coming Friday.  But this also has to do with some speculation of a merger coming back to the metals sector.  If in ag and potash, why not steel or other metals?  As we always say, there are hundreds of rumors per year on buyouts, most never turn out to be true.  US Steel shares are currently up 5.5% at $49.95 on over 16 million shares versus average volume of 14.4 million shares.

Here is a breakdown of the NOON snapshot taken in CALLS option strike prices by month and the volume and open interest associated with them:

AUG$    Vol.    OpInt
$45.00    1,390    10,797
$46.00    1,786    9,714
$47.00    1,368    5,752
$48.00    10,207    7,120
$49.00    9,751    7,286
$50.00    19,890    13,479
$52.50    8,725    3,089
$55.00    7,194    5,331
$57.50    8,143    2,024
$60.00    1,123    330

SEPT$    Vol.    OpInt.
$47.00    1,625    2,804
$48.00    2,176    1,578
$49.00    1,343    1,250
$50.00    7,604    3,914
$52.50    4,711    3,451
$55.00    7,795    1,984
$60.00    8,522    2,096

OCT$    Vol. OpInt
$50.00    1,536    6,173
$52.50    2,102    2,178
$55.00    2,714    5,456
$57.50    2,870    1,455
$60.00    5,633    4,280
$62.50    337    648
$65.00    1,070    3,885
$70.00    2,712    2,068
$75.00    2,837    7,916

JON C. OGG

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