Owens-Illinois Inc (NYSE:OI) – Shares in the maker of glass containers rallied near the open on Wednesday, but have since pared gains to trade are down roughly 0.60% on the session at $29.43 as of 12:50 p.m. ET. Options changing hands on Owens-Illinois Inc (NYSE:OI) in the early going suggest at least one trader is positioning for the price of the underlying to rally to fresh 52-week highs during the next couple of months. The company reports second-quarter earnings after the close of trading today. The most active contracts traded on Owens-Illinois Inc (NYSE:OI) as measured by volume today are the Sep $29 strike calls, with around 2,000 lots traded versus open interest of just one contract. Time and sales data suggests most of the calls were purchased for an average premium of $1.85 each. The bullish trade on Owens-Illinois Inc (NYSE:OI) may be profitable at expiration in September in the event that shares rally 4.8% over the current price to exceed the average breakeven point at $30.85. The stock last traded above $30.85 back in June of 2011.
Facebook Inc (NASDAQ:FB) – Options volume on Facebook Inc (NASDAQ:FB) is marching higher today ahead of the social network operator’s second-quarter earnings report after the close this afternoon. Overall volume is approaching 140,000 contracts as of 1:00 p.m. ET versus the stock’s average daily volume of around 173,000 contracts. Shares in the name are up on the session, trading 0.65% higher at $26.30 as of the time of this writing. Trading traffic in Facebook Inc (NASDAQ:FB) calls is outpacing that of puts, with the call/put ratio hovering around 2.2 this afternoon. Volume heaviest in short-dated options that expire at the end of this week, though substantial volume is also changing hands across expiries today.
Caitlin Duffy
Equity Options Analyst
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