Tuesday, September 7, 2010

US Steel Marching Higher To Beat of Offer Pounding (X)

Shares of steel producers are surging in a sympathy trade off rumors US Steel (NYSEX) will be taken over by Mital (NYSE: MT). X shares are up nearly 3.2% on volume of 11mil shares. vs full day 3 month average of 13mil shares.
Options traders are focusing on the OTM front and back month calls. Specifically the October 52.50 calls. 3200 have traded vs open interest of 3500.
A Huge block trade went off in X around noon (NYSE: X) in the 52.50 October calls. 1500 were bot on the offer for 1.44, 500 were previously purchased at the same price, total 2k purchased for an average price of 1.45.
Day's Range: 45.80 - 47.69
52wk Range: 33.25 - 70.95

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