Puts Sold on Leap Wireless (LEAP)
July 19, 2010 3:08 PM
Shares of Leap Wireless International Inc. (NASDAQ: LEAP) are lower on the session by 3.76%, currently trading at $12.02. The stock has been moving largely lower over the past three months, off from recent highs near $19.00.
Options traders are selling puts on the name today. The August $10 put was sold, on the bid, 7,600 times for $0.15 earlier in the session; volume on the strike has since risen to 9,263 contracts. Open interest on the strike is only 249 contracts, this signals new, bullish positioning on the name.
Put volume is currently running at 7.4x the daily average.
Leap Wireless International, Inc. is a wireless communications carrier that offers digital wireless services in the United States under the Cricket brand. Its Cricket service offerings provide customers with unlimited wireless services for a flat rate without requiring a fixed-term contract or a credit check.
