The premium at $600 per contract is $14,700,000.
And it looks like a directional bet, not to hedge a short.
Damn big trade.
From Bloomberg:
Cree Calls Rise to Record as Investor Bets on 49% Gain
Cree Inc. call volume rose to a record after a single bet that the maker of energy-efficient lighting products will rally 49 percent in the next two years.
More than a third of today’s call volume was concentrated in a block of 24,500 contracts of the January 2013 $80 calls, which traded at 12:42 p.m. and had an open interest of 259 outstanding contracts before today. The trade was initiated by a buyer, according to OptionsHawk.com, a Boston-based provider of options market data and analytics. The shares haven’t closed above $80 since April....MORE
