Calls Purchased on North American Palladium (PAL)
November 04, 2010 10:44 AM
Shares of North American Palladium Ltd. (AMEX: PAL) are higher on the session by 3.13%, currently trading at $4.95. The stock has been moving largely higher over the past three months, rallying above the 50-day and 200-day moving averages. Shares are now trending toward their 52-week high, at $5.35.
Options traders are buying calls on the name today. A short while ago the December $5.00 call was purchased 1,000 times, on the offer, on open interest of 8,872 contracts. The March 2011 $7.00 call was also bought 1,500 times on open interest of 593 contracts.
Overall call volume is now running at 4.00x the daily average with 87% of all calls traded being purchases on the offer.
North American Palladium Ltd. is a Canada-based precious metals company with assets in mining in Canada. The Company owns the Lac des Iles palladium mine in northwestern Ontario, the Sleeping Giant gold mine in northwestern Quebec, several exploration properties in the Abitibi region of Quebec, and has a 50% joint venture interest in the Shebandowan property located 100 kilometers southwest of the LDI mine.
On May 26, 2009, the company acquired the Sleeping Giant gold mine in the Abitibi region of Quebec through the acquisition of Cadiscor Resources Inc.
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