Wednesday, October 27, 2010
By Hedge Ly | 10/27/2010 09:24:00 AM |
Shares of Agriculture stock Monsanto (NYSE: MON) are spiking this morning on renewed takeover speculation. Shares spiked nearly 1.5 points sending the stock up- nearly half a percent from negative territory.
Monsanto (NYSE: MON) has been subject to takeover speculation for sometime, though nothing has materialized. Potash (NYSE: POT) Monsanto's competitor has been in a takeover battle with BHP for a month or so.
Options traders focused on the Monsanto November 65 calls where over 9,900 calls trades vs. open interest of 7,200 contracts. Traders are betting Monsanto shares are at or over 65 by November expiration.