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Eastman Kodak (NYSE: EK) Soars Over 10 Percent


Monday, April 5th, 2010

Eastman Kodak (NYSE:EK) enjoyed the largest gains in the S&P 500, rising to $6.61 a share, a more than 10 percent gain. The stock skyrocketed when Harry Boxer from Technical Trader let it be known the stock had been added to his portfolio.

Once the news hit shares were grabbed up at double the daily average so far in 2010, with 25 million shares being traded on the day.

The gains almost propelled Eastman to a 52-week high, falling just $0.25 below their high reached on February 3, 2010, when they attained $6.94 a share.

Once the trading began it triggered the trading sharks who entered the feeding frenzy with short-term bulls buying up close to 3,400 call options at the April $7 strike. The average premium for each contract is $0.13.

The frenzy continued with the May $7 strike price as well, with another approximate 4,000 new called picked up, with an average premium of $0.34 each. For the May contract the price will need to exceed $7.34 by the day of expiration for those long on the contract.

Eastman Kodak has scheduled their next earnings call for Thursday, April 29, 2010 at 11:00 EST.
 



Article by Gary B

The views expressed are the subjective opinion of the article's author and not of FinancialAdvisory.com



Tags: call options , eastman kodak , harry boxer