Schaeffer's Option Blog: Option Volume Accelerates on Oracle Corporation (ORCL) Ahead of Expiration, Earnings

Business Wire, June 19, 2009

CINCINNATI -- Oracle Corporation (NASDAQ: ORCL) wasn't exempt from the madness before options expiration, as traders on Thursday rushed to close out positions and make eleventh-hour bets. In addition, a slew of speculators were likely positioning their portfolios ahead of the software issue's fiscal fourth-quarter earnings report, slated to hit the Street after the market closes on Tuesday, June 23.

According to data from WhatsTrading.com, ORCL saw roughly 29,100 calls change hands yesterday, nearly tripling its average daily volume of about 10,000 contracts. More than a third of yesterday's volume centered on the at-the-money June 20 call, set to expire at the closing bell today. Considering open interest declined to 53,919 contracts overnight, it appears that many of the June 20 call traders were rolling out or liquidating their positions.

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