Bullish butterfly takes wing in Sprint

Someone thinks Sprint will fly back to its old highs.

optionMONSTER’s Heat Seeker monitoring program detected a large bullish trade in the wireless stock today, with 20,000 May 10 calls bought for $0.48 and 20,000 of the 12 calls for $0.12. The investor also sold 40,000 of the May 11 calls for $0.24.

The butterfly spread cost $0.12 to open and will generate huge leverage on a move to $11, near the stock’s December peak. Gains erode above that level.

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— Option Monster

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