Calls Purchased on Eagle Bulk Shipping (EGLE)
February 02, 2011 2:15 PM
Shares of Eagle Bulk Shipping (NASDAQ: EGLE) are higher on the session by 4.35%, currently trading at $4.32. The stock has been moving largely lower over the past four months and is currently trading below the 50-day and 200-day moving averages.
Options traders are buying calls on the name today. A short while ago the March 2011 $4.50 call was purchased 8,000 times, on the offer, on open interest of only 604 contracts. This signals new positioning on the strike.
The June $4.50 call also traded 8,000 times on open interest of 2,0637 contracts.
Overall call volume is now running at 8.39x the daily average with 96% of all calls traded being purchases on the offer.
Eagle Bulk Shipping Inc. is engaged primarily in the ocean transportation of a range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes.
