Calls Purchased on ON Semiconductor Corporation (ONNN)
April 12, 2011 12:08 PM
Shares of ON Semiconductor Corporation (NASDAQ: ONNN) are lower on the session by 2.25%, currently trading at $9.44. The stock has been moving largely lower over the past four months and is currently trading below the 50-day moving average.
Options traders are buying calls on the name today. A short while ago the July 2011 $11.00 call was purchased 21,000 times, on the offer, for $0.30 on open interest of only 795 contracts. This signals new positioning on the strike.
Overall call volume is now running at 2.71x the daily average with 98% of all calls traded being purchases on the offer.
ON Semiconductor Corporation is a supplier of silicon solutions for energy electronics. The company designs, manufactures and markets a portfolio of semiconductor components. It operates in four segments: automotive and power group, standard products group, computing and consumer products group, and digital and mixed-signal product group.
