Gaylord Entertainment isn't a name we see often on our systems, but yesterday the bulls were all over it.
optionMONSTER's Heat Seeker tracking program detected the purchase of about 2,600 August 40 calls against open interest of 1,307 contracts. Premiums ratcheted up from $0.55 to $1.25 as the shares pushed higher.
GET rose 1.68 percent to $40 yesterday. The heavily shorted hotel company, which owns the Grand Ole Opry in Nashville, has seen its shares more than double since October. It's been climbing this week after an announcement that it would buy back a 10 percent stake owned by TRT Holdings and has benefited from plans to sell assets and convert itself into a real-estate investment trust.
At one point during yesterday's session the stock traded over $41, a level that hasn't been breached since late 2007.
Overall option volume in the name was 24 times greater than average, according to the Heat Seeker. Calls outnumbered puts by 30 to 1.
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