Massey Energy Screams Higher on Buyout Rumors; Calls Active (MEE, ANR)

Shares of Massey Energy Co.

are screaming higher this afternoon; currently shares are higher by 11.58%, trading at $47.10. Just moments ago rumors hit the tape that Alpha Natural Resources

was looking to takeover the company. This seems legit given that shares of ANR and reacting sharply to the downside, currently off by 4.94%, trading at $43.45. MEE calls are quite active on this movement as well with 26,000 calls traded versus only 8,000 puts. The November $39.00, $44.00, and $50.00 calls, as well as the December $43.00, $45.00, $46.00, and $50.00, are quite active. Massey Energy Company is a coal producer in the United States. It produces processes and sells bituminous coal of various steam and metallurgical grades, primarily of low sulfur content, through the 23 processing and shipping centers.