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Options News Calls active in Black & Decker after takeover chatter

Calls active in Black & Decker after takeover chatter

Power Tools maker Black & Decker BDK, is seeing unusual call activity after renewed takeover chatter of the company getting a bid. Shares of BDK have rallied strong after hitting a low of $20.10 on March 9. Shares are currently trading down 1.3% at $28.20. The call buying seems to be only due to the take over chatter as shares technically set up as a typical countertrend trend seeing resistance at the $30 level and meeting the 50 sma.

According to our Option Sonar, options activity is 5x the daily activity with 13k calls changing hands vs 595 puts. Seeing the most interest is the April 30 call strike where 6,236 calls traded against an open interest of 1,222. Call buying has only taken the offer 45% of the time and institutional money doesn't look to be involved. 
bdk32409
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