QUALCOMM, Inc. (NASDAQ:QCOM) attracting positive attention from the options market


Dallas, Texas 07/11/2013 (Financialstrend) – QUALCOMM, Inc. (NASDAQ:QCOM) is attracting positive attention from the options market today. In the first 90 minutes of trading, the company has switched roughly 13,000 calls. This is a 50 percent increase over the equity’s anticipated intraday call volume and more than triple the number of puts traded. The $60 mark appears to be in focus, with speculators counting on the stock to retake this level within the next week and a half. Call buyers will be forced to forfeit the initial premium paid for their long positions, when stock remained in the abovementioned strike level. Moreover, speculators can take heart in the fact that QCOM’s front-month options are relatively cheap right now, as the stock’s Schaeffer’s Volatility Index (SVI) of 21% ranks lower than all but 18% of similar annual readings. This positive reaction toward QCOM is somewhat surprising given its loss of nearly 3% year-to-date. Adding to that, the security has trailed the broader S&P 500 Index (SPX) by nearly 15 p.p. during the last three months. On the charts, the stock moves close to a sixth consecutive week below its 50-week moving average, which previously was considered a support level.

QUALCOMM, Inc.’s (NASDAQ:QCOM) share price rose by 1.77% on Wednesday and closed at $60.44 per share for the day. Intraday prices for the stock touched a low of $59.20 and a high of $60.65 per share. Trading volume stood at 19.13 million shares on Wednesday, with an average one of 14.09 million per day of trading.

QUALCOMM, Inc. (NASDAQ:QCOM) currently has a 52-week low price of $53.09 and a 52-week high price of $68.50 per share. The market cap is $104.43 billion with 1.73 million shares outstanding and 80% of institutional ownership.