Traders are looking for Comerica to make a comeback.
optionMONSTER's market scanner shows that more than 11,000 July 46 calls were purchased for $0.36 to $0.42 yesterday. This represents fresh buying, as open interest in the strike was a mere 57 contracts before the session began.
Long calls lock in the price where investors can buy stock, allowing them to profit from a rally with limited capital at risk. Their cheap cost can also generate significant leverage on a percentage basis if shares move in the right direction. (See our Education section)
CMA fell 1.94 percent to $37.34 yesterday and is down 9 percent in the last three months. The Dallas-based regional lender reported bearish results on Jan. 19 and is scheduled to announce its next quarterly numbers on April 19.
Overall option volume was 14 times greater than average yesterday. Calls outnumbered puts by a bullish 6-to-1 ratio.
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