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Consumer Electronics

Options Traders Taking Bullish Stance Ahead of Launch

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By Jon C. Ogg Updated Published
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Expectations for the huge product release this week from Apple Inc. (NASDAQ: AAPL) are high.  Despite a weak quarter with iPhone buyers holding out for the iPhone 5, this launch could bring in a flurry of sales right in the last three weeks of the quarter. We noted this morning how Piper Jaffray analyst Gene Munster believes that some 10 million iPhone 5 sales could be made in the first three weeks. Options traders are taking a bullish stance here.

The most active contract so far is the weekly expiration for the AAPL $670 Call with almost 10,000 contracts traded so far. Bloomberg has noted that so far today we have seen over 130,000 call options trade (the bullish trade) and that only 80,000 call option contracts (the bearish trade) have been seen so far today. The numbers are even larger now.

After looking at the weekly contracts which expire this Friday versus the monthly contracts which expire on September 21, it is the weekly expiration contracts trading the most. In fact, it is by a ratio of more than 2:1 in the at-the-money and more speculative out of the money calls.

As of 11:45 AM EST we have Apple shares up 0.5% at $666.40 against a 52-week range of $354.24 to $683.29. The consensus price target according to Thomson Reuters is currently just over $736 on Apple stock.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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