Bulls Teeing Up Callaway Golf (ELY)
January 04, 2011 1:41 PM
Shares of Callaway Golf Company (NYSE: ELY) are lower on the session by 3.17%, currently trading at $7.95. The stock has been moving largely higher over the past six months and is currently trading above the 50-day and 200-day moving averages.
Options traders are buying calls on the name today. A short while ago the May 2011 $9.00 call was purchased 1,100 times, on the offer, for $0.50 on open interest of only 66 contracts. This signals new positioning on the name.
Overall call volume is now running at 55.59x the daily average with 89% of all calls traded being purchases on the offer.
Callaway Golf Company, together with its subsidiaries, designs, manufactures and sells golf clubs (drivers, fairway woods, hybrids, irons, wedges and putters) and golf balls.
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