Bullish on Tap at Owens-Illinois (OI)

Shares of Owens-Illinois, Inc. OI are lower on the session by 0.17%, currently trading at $30.05. The stock has been moving largely lower over the past three months and is currently consolidating around the 50-day and 200-day moving averages. Options traders are buying calls on the name today. A short while ago the June 2011 $33.00 call was purchased 1,600 times, on the offer, on open interest of only 23 contracts. This signals new positioning on the strike. Overall call volume is now running at 2.99x the daily average with 93% of all calls traded being purchases on the offer. Owens-Illinois, Inc. is a manufacturer of glass containers with 81 glass manufacturing plants in 21 countries. It produces glass containers for beer, ready-to-drink low alcohol refreshers, spirits, wine, food, tea, juice and pharmaceuticals.