Schaeffer's Option Blog: Near-the-Money Call Volume Escalates on Nokia Corporation (NOK)

CINCINNATI--(Business Wire)--
Nokia Corporation (NYSE: NOK) captivated call traders on Thursday, as traders
position their portfolios ahead of the telecom titan's date in the earnings
confessional next week. In addition, investors could've been responding to the
firm's announcement yesterday that it expects its new mobile phone design, the
Nokia 3720 classic, to start shipping this summer. Regardless of the catalyst,
NOK saw roughly 14,500 calls change hands yesterday, more than doubling its
average daily volume of about 6,600 contracts.

Most popular was the stock's July 15 call, which accounted for volume of nearly
13,600 contracts. As a result, call open interest at the July 15 strike
skyrocketed from 45,199 to 53,284 contracts, while implied volatility jumped
from 57.8% to 62.9% overnight. Compared to NOK's one-month historical volatility
of only 29%, the July 15 call is relatively pricey at the moment.

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Schaeffer's Investment Research
Andrea Kramer, 513-589-3800
akramer@sir-inc.com

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