IMAX Corp (IMAX) is trading 5,191 calls off the bell, 6X average volume in 10 minutes of trade, as shares gain 5% and IV soars 17%. Most of the action is offer side buying in January $12.50 and March $15 calls. Shares are breaking out on volume to 5 year highs, and expect a strong holiday movie going demand. James Cameron’s Avatar is set to be released in IMAX on December 18th. The stock is also on the move as at 9:53 AM EST there have been 382,000 shares traded versus an average daily volume of 520,000 shares. The stock is up 5.35% at $12.39, and the stock actually just put in a new 52-week high today at $12.49. The 52-week low” $2.67. IMAX has been a takeover stock in the perpetual rumor mill before, but today’s action looks more event-driven than speculation or rumor-driven trading.
JOE KUNKLE, OptionsHawk.com
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