Shares of Corinthian Colleges Inc. (NASDAQ: COCO) shot up over 11% Thursday around 11:00AM on rumors they could be bought out. Call option volume surged to 24,918 contracts traded as compared to the average 4,195 contracts. The Put/Call ratio was 0.09. In other words, 11.73 calls were traded for every put contract.
High call option volume usually indicates that some bullish news is about to be announced. When questioned, Andy Kibbens (Co-CEO of The Markets Are Open), said that "COCO is a juicy takeover target". He added "I can see COCO shares trading much higher from these levels. Likely into the 7$ range".
