Upside Purchased on Smith International (SII)
June 14, 2010 3:31 PM
Shares of Smith International Inc. (NYSE: SII) are lower on the session by 0.20%, currently trading at $40.15. The stock fell sharply throughout May, but held the 200-day moving average. The stock is now experiencing a bit of resistance around the $40 level.
Options traders are betting on an extension of the rally today. The January 2011 $42.50 call was purchased 605 times on open interest of 384 contracts and the January 2011 $50 call was purchased, on the offer, 500 times, for $2.00, on open interest of 1,168 contracts.
Call volume is running at 3.30x the daily average.
Smith International, Inc. is a provider of products and services used during the drilling, completion and production phases of oil and natural gas exploration and development activities.
