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YHOO – Yahoo!, Inc. – Shares of the global internet brand have rallied over 5% to $13.12, and options traders have added to the high by establishing bullish positions across multiple contracts. Perhaps today's upward move is due to an announcement that Yahoo! may join forces with Microsoft despite the failure encountered with last year's buyout attempt. A management change emerged also with CFO Blake Jorgensen announcing his departure. There have been several since Jerry Yang handed the reins over to CEO Carol Bartz. The sunny outlook on the stock today was further solidified by the sale of over 2,200 puts at the April 11 strike price for a premium of 64 cents apiece. Calls were purchased at the March 14 strike price where 2,300 were traded at 65 cents each, while at the March 15 strike, 1,300 calls were bought for 57 cents apiece. The highest strike sought by optimistic traders was the March 16 strike price, where 3,000 calls were scooped up at 18 cents per contract. Calls were also in demand in April with 2,200 purchased for 1.08 at the 14 strike price, whereas in July investors traded nearly 3,000 calls at the 15 strike for 1.35 apiece. The most bullish play was certainly at the March 16, as shares would need to rally by another 26% to the breakeven price of $16.57 to yield profits. Option implied volatility has risen from 70% this morning to the current value of 78.5%.
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