Someone thinks Sprint will fly back to its old highs.
optionMONSTER's Heat Seeker monitoring program detected a large bullish trade in the wireless stock today, with 20,000 May 10 calls bought for $0.48 and 20,000 of the 12 calls for $0.12. The investor also sold 40,000 of the May 11 calls for $0.24.
The butterfly spread cost $0.12 to open and will generate huge leverage on a move to $11, near the stock's December peak. Gains erode above that level. (See our Education section.)
S rose 3.68 percent to $9.30 in morning trading and is now up at its highest levels since the first half of January. The shares tested support at $7.50 on Feb. 10.
Total option volume is quadruple the daily average in S so far today, according to Heat Seeker. Calls outnumber puts by a bullish 61-to-1 ratio.
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