Calls Purchased on Schnitzer Steel Industries

Shares of Schnitzer Steel Industries SCHN are higher on the session by 3.50%, currently trading at $56.50. The stock has been moving largely lower over the past five months and is currently trading below the 200-day moving average. Options traders are buying calls on the name today. A short while ago the July 2011 $60.00 call traded 1,000 times on open interest of 446 contracts. Overall call volume is now running at 9.30x the daily average with 92% of all calls traded being purchases on the offer. Schnitzer Steel Industries, Inc. is a recycler of ferrous and nonferrous scrap metal. The company is a recycler of used and salvaged vehicles and a manufacturer of finished steel products.