Relative Call Volume Surges on Charming Shoppes (CHRS)

Shares of Charming Shoppes, Inc. CHRS are higher on the session by 2.75%, currently trading at $4.29. The stock has been moving largely lower over the past six months, but recently popped higher and is now trading above the 50-day and 200-day moving averages. Options traders are buying calls on the name today. A short while ago the July 2011 $5.00 call was purchased 1,200 times, on the offer, on open interest of only 107 contracts. This signals new positioning on the strike. Overall call volume is now running at 68.56x the daily average with 66% of all calls traded being purchases on the offer. Charming Shoppes, Inc. is a multi-brand, specialty apparel retailer with a market share in women's plus-size specialty apparel. Its business operations consisted primarily of three distinct core brands: LANE BRYANT, FASHION BUG, and CATHERINES PLUS SIZES.