Jackson Hewitt Explodes Higher; Calls Purchased (JTX)

Shares of Jackson Hewitt Tax Services JTX are higher on the session by 19.88%, currently trading $1.93. The stock has been drifting lower and lower over the past six months and is trading below both the 50-day and 200-day moving averages. The stock is rising today after they reported better than expected tax service metrics and said that they may turn a profit for their fiscal year. Calls are being purchased in the name as well with the June $2.0 call purchased 1,300 times on the offer; open interest on the strike is 1,802 contracts. Call volume is now running at 2.40x the daily average with 64% of all calls traded being purchases on the offer. Jackson Hewitt Tax Service Inc. provides computerized preparation of federal, state and local individual income tax returns in the United States through a nationwide network of franchised and Company-owned offices.