Large Call Sale on Alcoa

Shares of Alcoa AA are lower on 1.69%, currently trading $11.62. The stock has been drifting lower over the past five months, accelerating the pace as of late. It is now trading below the 50-day and 200-day moving averages. Alcoa is receiving a large call sale this morning. The June $12 call was just sold 10,000 times for $0.39; volume on the strike has risen to 16,000 contracts now. Open interest on the strike is 17, 988 contracts. As this options trade went off, over 400,000 shares traded, which suggests that a delta-neutral trade was established in the name. This would suggest that traders believe volatility will increase in the name. Alcoa Inc. is engaged in the production and management of primary aluminum, fabricated aluminum, and alumina combined.