05-01-2013, 05:11 AM
Just at a glance that adds up to about $30mill for those big trades.
Covering? I always find it hard to tell. If it is covering then who wrote the calls on 1million shares that will definitely be exercised at the strike - so seller is really only getting today's market price of $78 plus a buck or two on his million shares???
But the market maker could be setting up several layers of trading for synthetic results. Need a math PhD to wade through this.

