AA) are surging this morning on renewed M&A chatter up nearly 3% to the 13 level. Volume is heavy in AA for this time of the day with nearly 7 mllion shares exchanging hands within the first hour of trading.
Alcoa has been subject to takeover rumors for sometime with anything materializing. Each time chatter hits, the stock does perform nicely trading in an upward orderly fashion.
Options traders focused primaily on the November 13 calls and January 14 calls. Call option volume of 20K contracts (1100 puts) have sent implied vol in November up to 34.
Day's Range: 12.62 - 12.93
52wk Range: 9.81 - 17.60