Electronics and appliance retailer hhgregg, inc (HGG) announced the opening of ten new stores in the Tampa area this morning. Shares have advanced 50 cents (3.5%) to $16.50.
Call traders are apparently anticipating more upside. In particular, January $17.50 calls show volume of 1,088 thus far versus open interest of 59. We've observed trades at the ask of $1.85 and later $1.95. Less than 100 puts have traded.
HGG recently tested its lower trendline, but there is a lack of other clear support points. The 200 DMA is close to $13.
Update (Sept 8 10:45am): HGG puts are active this morning. In particular, the $15October issues have traded over 6,000 thus far versus open interest of 46. We are observing trades going at the ask of 75 cents, with the stock at $16.80.
Update (Sept 8 11:22am): Put buyers have pushed volume on the $15Oct issue over 8,000 now with trades passing at the ask of 80 cents.
HGG trading History: None.
Current Poisition: None.