Bull Targets Legg Mason

Shares of Legg Mason Inc. LM are lower on the session by 0.60%, currently trading $29.96. The stock has been volatile as of late, though clearly showing a bullish trend. The stock has held the 200-day moving average during recent trading. One trader is making a levered bet on the name today. I am seeing the July $34 calls purchase 10,000 times for $1.15 and the July $29 put sold for an average price of $1.775. Net credit on the transaction was $0.625. There was not any stock volume tied to the transaction. Legg Mason said today that they were accelerating their Stock Repurchase Plan. Legg Mason, Inc. is a global asset management company. Acting through its subsidiaries, the Company provides investment management and related services to institutional and individual clients, Company-sponsored mutual funds and retail separately managed account programs.