Calls Purchased on Warner Music Group (WMG)

Shares of Warner Music Group Corp. (NYSE: WMG) are higher on the session by 1.79%, currently trading at $4.54. The stock has been moving largely lower over the past five months, off from recent highs near $8.00.

Options traders are betting that the stock can rally from here. The September $5.00 call was purchased 2,300 times, on the offer, a short while ago; open interest on the strike is 60 contracts. This signals new positioning on the name.

Call volume is now running at 198x the daily average.

Warner Music Group Corp. is a music content company. The company classifies its business interests into two areas: Recorded Music and Music Publishing.