CGC STOCK SCALING NYSE, OPTIONS VOLUME HOT
Canopy Growth stock is up 9.6% to trade at $45.40, and earlier touched a fresh record high of $45.92. The potential Diageo deal has CGC near the top of the New York Stock Exchange (NYSE) today. In fact, pot stocks have been on a tear lately, celebrating Constellation Brands’ (STZ) big investment in Canopy Growth, as well as several supply deals with Ontario ahead of Canada’s legalization of pot on Oct. 17. The equity has nabbed a fresh record high every day this week, and now boasts a weekly gain of 34.3%, its best since November 2016.
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Shorts could be heading for the exits soon amidst this latest upswing. Short interest increased by 6.2% in the most recent reporting period, and the 18.32 million shares sold short represents 10.5% of CGC’s total available float, and more than six days of pent up buying power.
Call activity has been rampant today. Over 36,000 calls have exchanged hands today, four times the intraday average and volume pacing for the 99th percentile of its annual range. Most popular today is the October 30 call, where a majority of the activity is of the buy-to-open activity kind, indicating options traders are anticipating a rally north of $30 by the time the options expire on Oct. 19 — two days before marijuana becomes legal in Canada.