Edison is attracting bullish option buying as the electricity producer trades just below its 52-week high.
EIX is up 2.27 percent to its session high of $41.50 this afternoon, $0.40 away from its peak at $41.90 reached on the first trading day of 2012.
About 2,300 March 42.50 calls were bought for $0.35 today, according to optionMONSTER's Heat Seeker real-time tracking system. Open interest in this strike at the start of the session was just 174 contracts, so these are new positions.
For the calls to turn a profit, EIX needs to gain about 3.5 percent by expiration on March 16. The company will release fourth-quarter earnings results after the market closes on Feb. 29.
Overall option volume in the name is 12 times its daily average. Calls outnumber puts by 51 to 1, a reflection of today's bullish sentiment.
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