Illumina's (ILMN) Volume Lighting Up

by Houghton and Atkeson   03/23/09
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Option volume in Illumina (ILMN), is running seven-times the usual daily volume and is greater than the total open interest. The calls have traded three-times the puts: 6,055 and 2,169, respectively. The open interest interest is 6,628 calls and 1,658 puts.

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Most of the action is in the ILMN April 40 Calls (IQADH) and April 35 Puts (IQAPG), with the stock at $38.17. It appears that market participants are buying the calls and selling the puts.

With the stock up 7.8%, it is a pretty good bet that these option traders are taking a bullish stance.

ILMN sells integrated systems for the analysis of genetic variation and biological function. It's been a rumored takeover candidate -- today Johnson and Johnson (JNJ) is the rumored acquirer.

Maybe this time, the rumors will be true.

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