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John123 in Gainers & Losers,

Bulls eye Pfizer options as shares rally

Pfizer Inc's (PFE) options trading volume jumps on a mix of bullish bets and profit-taking, after the drugmaker's strong Q1 results on Tuesday; shares closed up 2.74%.

Pfizer reports quarterly results that blew past analyst estimates on sales of its new cancer and arthritis treatments and the acquisition last year of hospital products company Hospira.

Some options traders betting on further upside, while others take profits by closing long call positions

Options volume 235,000, about 2x daily average; pace on track to reach 418,000 contracts, which would make it a 9-month high, per Trade Alert data

Large trades include a spread, in which a trader sold 20,000 Jan 32 calls and bought 20,000 Jan 37 calls, in what appears to be a bullish position adjustment up five strikes

May 29 & June 30 calls trade heavy volume as long call positions appear to be closed for big profits

Pfizer options make up 4 of the 10 most heavily traded single-stock contracts on Tuesday

Imho, it might be a good idea to look at puts. They should be cheap now.