Unusual Option Activity in Frontier Communications

Frontier Communications Corp. FTR shares are trading 12 percent higher on Wednesday following Tuesday's earnings release. Option volume is already more than 10 times the company's daily average with what looks like profit taking in the August 4 calls. More than 17,000 contracts have changed hands with nearly all the activity on the bid of $0.35. Looking back to early June we see a block of 20,000 contracts being purchased at $0.15 when the shares were trading at $3.35.