Calls Purchased on Gap Inc. (GPS)

Shares of Gap Inc. GPS are lower on the session by 1.56%, currently trading at $17.70. The stock has been moving largely lower over the past six months, off from recent highs near $26.00. Options traders are bottom fishing in the name today. The September $18.00 call was purchased 4,000 times, on the offer, a short while ago. Open interest on the strike is only 2,259 contracts. This signals new positioning on the name. Call volume is now running at 2.75x the daily average. The Gap, Inc. is a global specialty retailer offering clothing, accessories, and personal care products for men, women, children, and babies under the Gap, Old Navy, Banana Republic, Piperlime, and Athleta brands. The Company operates stores in the United States, Canada, the United Kingdom, France, Ireland, and Japan.