How $170,000 in Options Moved Clorox Shares $450 Million
Just before 1 p.m. on June 9, 5,700 options tied to Clorox Co. (CLX) were bought on U.S. markets for about $170,000. Traders snapped up the underlying stock and within half an hour, more than $450 million had been added to the bleachmaker’s shares.
Ten days earlier, RadioShack Corp., the struggling electronics retailer, jumped as much as 33 percent, adding $40 million to its stock capitalization, after someone purchasing $600,000 in bullish call contracts ignited a rally in the equities. The stock rose to $1.45 from $1.32.