Calls Purchased on CB Richard Ellis (CBG)

By Michael J. Zerinskas
Benzinga Staff Writer
September 03, 2010 10:50 AM

Symbols: CBG

Posted in: Long Ideas, Options, Technicals, Trading Ideas

Shares of CB Richard Ellis Group Inc. (NYSE: CBG) are higher on the session by 1.58%, currently trading at $18.01. The stock has been moving largely higher over the past two months and has broken above the key resistance level of $17.75.

Options traders are buying calls on the name today. The September $15.00 call was purchased 4,000 times, on the offer, earlier in the session; open interest on the strike is 48,266 contracts. This looks like a large trader entering into a stock replacement strategy.

Call volume is now running at 2.21x the daily average.

CB Richard Ellis Group, Inc. is a commercial real estate services firm with full-service operations in major metropolitan areas worldwide. The company offers a range of services to occupiers, owners, lenders and investors in office, retail, industrial, multi-family and other types of commercial real estate.

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