Och-Ziff Capital Management Breaking Out?
Shares of investment firm Och-Ziff Capital Management Group LLC (NYSE: OZM) broke through a short term resistance level (see chart below) of $7.00 on Thursday following better than expected quarterly profits reported pre-opening.
Early option activity suggested someone is looking for the shares to continue an upswing. More than 5,000 September 7.5 calls traded on the offers of $0.40. This opening transaction would need the stock to close at $7.91 or higher at September expiration to show any profits. Also of interest, this mornings trade has created the largest open interest position in all of Och-Ziff Capital Management listed options.
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