Stock Option Volume Explosion in Great Atlantic & Pacific (GAP)

Posted in General, Options 
December 10th, 2010

The Great Atlantic & Pacific Tea Company, Inc. (NYSE: GAP) is widely reported as getting ready for a bankruptcy  Check out the options trading in DECEMBER-2010:
CALL$    Volume    OpInt
0.50    2,598    5
1.50    5,238    10
2.00    2,201    35
PUT$    Volume    OpInt
1.00    4,940    1,280
1.50    666    1,035
2.00    6,411    2,873
2.50    1,345    7,749

Here is the volume in JANUARY-2011 options as well:
CALL$    Volume    OpInt
1.00    2,441    45
PUT$    Volume    OpInt
0.50    1,594    3,030
1.00    5,091    10,068

May-2011 has also seen its $0.50 CALLS trade 1,516 contracts versus an open interest of literally only 5 contracts.

The stock itself is down almost 65% at $1.00 on more than 17.2 million shares as of 12:11 PM EST.  Average volume is not quite 800,000 shares.

JON C. OGG

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