TD Ameritrade Chief Strategist Saw Increased Buying Of Calls On First Solar
Speaking to Benzinga, TD Ameritrade Chief Strategist JJ Kinahan said that weekly $50 Calls on First Solar, Inc. (NASDAQ: FSLR) saw increased action on Monday.
By Tuesday, the stock had spiked to over $56 ahead of its Q4 earnings report.
Kinahan noted that it used to be easier to trade options on the stock, but options volume “had dried up significantly” over the past months to a year.
As far as the price action on the stock was concerned, Kinahan commented that it had a major move downward in late September and the stock “didn’t do much” between mid-December and early February.
A point of interest to Kinahan was that the “stock had a pretty decent move...over the last few weeks” and is “close to where it was on its last earnings” report.
Regarding the news of its YieldCo with SunPower, Kinahan said that there was "more call buying today. Calls are trading 6x normal."
Heading into its earnings report, First Solar traded at $56.88, up 14.59 percent.
Kevin Riley and Brianna Valleskey contributed to this report.
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