Calls Purchased on Rowan Companies (RDC)

Shares of Rowan Companies RDC are lower on the session by 1.93%, currently trading at $23.15. The stock has been moving lower and lower over the past two months, but is now nearing historical support at $22.00. Options traders are buying upside today. It appears that the July $22.50/25.00 call spread was purchased nearly 3,000 times. Volume exceeded open interest on both strikes. Call volume is now running at 5x the daily average. Rowan Companies, Inc. is a provider of international and domestic contract drilling services. Rowan also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries. The company operates in three segments: Drilling Services, Drilling Products and Systems, and Mining, Forestry and Steel Products.