Calls Purchased on Great Atlantic & Pacific Tea (GAP)

Shares of Great Atlantic & Pacific Tea Inc. GAP are lower on the session by 3.71%, currently trading at $3.90. The stock has been moving largely markedly lower over the past nine months and is currently trading in a technical downtrend. Options traders are picking up some calls today, though. The November $5.00 call was purchased 1,500 times, on the offer, for $0.40. Open interest on that strike is only 3 contracts, which suggests new, bullish positioning. Call volume is now running at 27.50x the daily average. The Great Atlantic & Pacific Tea Company, Inc. is engaged in the retail food business. The company operated 429 stores, averaging approximately 42,200 square feet per store, as of February 27, 2010. Operating under the trade names A&P, Super Fresh, Waldbaum's, Super Foodmart, Food Basics, The Food Emporium, Best Cellars, Best Cellars at A&P, Pathmark and Pathmark Sav-A-Center, the company sells groceries, meats, fresh produce and other items commonly offered in supermarkets.