PPG Industries, Inc. (PPG) is a supplier of paint and decorative coatings around the world. The company’s stock is currently trading around $196.00 in a 52 week range of $130.65-$201.59. The stock has been performing relatively well this year with shares rallying nearly 3.35% year to date. Options traders seem to believe this trend will continue as orders hitting the tape today have been decidedly bullish. Earlier this morning a trader bought 1,000 PPG Apr 200 calls for $2.40. While this may not seem like a large order this block is the largest to trade on a day when PPG is seeing 5 times its average daily option volume already traded. This is a very bullish trade that requires this trader to lay out $240,000 in capital. With shares of PPG trading above the Ichimoku Cloud it would appear that this trader is looking for a speculative long in PPG. The stock is also trading above its 9 and 26 period moving averages and the future cloud is upward sloping. With a strong technical set up this order flow provides a very bullish signal in PPG.
Block trader: Bought the PPG Apr 200 calls for $2.40
Risk: $240 per 1 lot