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The U.S. is gearing up for cabinet-level talks with China, which is expected to have a significant impact on trade between the two countries. Options traders are betting this could be great news for China’s Alibaba Group Holding Limited (NYSE: BABA)
On CNBC’s "Options Action," Kevin Kelly of Kelly Intelligence said trading volume was high in Alibaba’s shares on Thursday, with around 2.87x more calls than puts on the stock.
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There were buyers of 16,649 of the July 100-calls at an average price of 85 cents per contract, Kelly mentioned.
The trader expects Alibaba to surge by at least 27% by July expiration.
Alibaba shared plans to hire 15,000 people in 2023, sharply contradicting reports of layoff plans. The Chinese e-commerce platform voiced a requirement of 15,000 recruits for its six major business divisions.
BABA Price Action: Alibaba shares fell 3% to close at $78.78 on Thursday, and added 1.4% in Friday's premarket trading session.
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Photo via Shutterstock.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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