JCP 是时候涨了# Stock
c*6
1 楼
JCP已增发完毕（股数从大约220M增至304.60M）。这几日内股价应该要开始回升了，到
本月底上11应该没有多少悬念。目前JCP的CALL在显著增加（见下面文）。高盛应该不
会放弃JCP给他的1千万股的期权（9.65 or 9.36, whatever）, 这个必须在在本月底前
完成。
http://www.schaeffersresearch.com/marketcenters/optionscenter/c
In what appears to be a recent trend, J.C. Penney Company, Inc. is again
seeing what looks like bullish speculative activity, even while the stock
plumbs new depths. Earlier today, the shares touched $7.59, their lowest
point since February 1982. The stock has since pared its losses to perch at
$7.82. Today's largest trade in the troubled retailer's options pits
consisted of two 5,000-contract blocks at the May 8 and 13 call strikes.
These were executed simultaneously, indicating they were related.
Volume easily trounces open interest at both strikes, suggesting the orders
were on the opening side. The May 8 calls crossed at the ask price of $2.13
per contract, while the May 13 calls changed hands below the bid price at $0
.69 apiece. In short, it looks as though this is a long call spread, made up
of bought-to-open 8-strike calls and sold-to-open 13-strike puts for a net
debit of $1.44 per pair of contracts. This is also the maximum potential
loss on the trade, should JCP be trading at or below $8 when the options
expire in seven-plus months.
The maximum gain, on the flip side, is $3.56 (the difference in strike
prices less the total net debit). This would be achieved at expiration if
JCP is perched at or above the $13 level. Meanwhile, in order for the spread
buyers to be profitable at expiration, JCP needs to be sitting north of $9.
44 (the long call strike plus the net premium paid).
Amid the stock's pronounced decline, however, JCP has become a favorite
among short sellers. Short interest, numbering 71.7 million shares,
represents a staggering 81.6% of the equity's available float. It's highly
possible, then, that recent options activity on the bullish side of the
fence is being executed on the part of JCP bears looking to hedge their
downside bets.
本月底上11应该没有多少悬念。目前JCP的CALL在显著增加（见下面文）。高盛应该不
会放弃JCP给他的1千万股的期权（9.65 or 9.36, whatever）, 这个必须在在本月底前
完成。
http://www.schaeffersresearch.com/marketcenters/optionscenter/c
In what appears to be a recent trend, J.C. Penney Company, Inc. is again
seeing what looks like bullish speculative activity, even while the stock
plumbs new depths. Earlier today, the shares touched $7.59, their lowest
point since February 1982. The stock has since pared its losses to perch at
$7.82. Today's largest trade in the troubled retailer's options pits
consisted of two 5,000-contract blocks at the May 8 and 13 call strikes.
These were executed simultaneously, indicating they were related.
Volume easily trounces open interest at both strikes, suggesting the orders
were on the opening side. The May 8 calls crossed at the ask price of $2.13
per contract, while the May 13 calls changed hands below the bid price at $0
.69 apiece. In short, it looks as though this is a long call spread, made up
of bought-to-open 8-strike calls and sold-to-open 13-strike puts for a net
debit of $1.44 per pair of contracts. This is also the maximum potential
loss on the trade, should JCP be trading at or below $8 when the options
expire in seven-plus months.
The maximum gain, on the flip side, is $3.56 (the difference in strike
prices less the total net debit). This would be achieved at expiration if
JCP is perched at or above the $13 level. Meanwhile, in order for the spread
buyers to be profitable at expiration, JCP needs to be sitting north of $9.
44 (the long call strike plus the net premium paid).
Amid the stock's pronounced decline, however, JCP has become a favorite
among short sellers. Short interest, numbering 71.7 million shares,
represents a staggering 81.6% of the equity's available float. It's highly
possible, then, that recent options activity on the bullish side of the
fence is being executed on the part of JCP bears looking to hedge their
downside bets.
