Gannett drew a upside option activity yesterday as it hit its highest levels in more than a year.
Nearly 5,500 October 18 calls traded in a strong buying pattern yesterday for prices between $0.20 and $0.40, according to optionMONSTER's Heat Seeker tracking system. Open interest in the strike was just 287 contracts at the start of the session, so these are new positions.
If those calls are held until expiration in mid-October, the stock would need to gain roughly 8 percent for them to be profitable. But their premiums could rise if the shares rally before then, allowing the traders to sell the calls at a profit earlier.
GCI gained 4.29 percent to close at $17 even as the media company continues to attract political-campaign advertising. Earlier in the session the stock reached $17.35, its highest intraday price since February 2011.
Overall option volume in the name totaled 11,784 contracts, more than 13 times its daily average. Calls outnumbered puts by 6 to 1, reflecting the bullish sentiment.
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