Upside Purchased on Goodyear Tire (GT)

Shares of The Goodyear Tire & Rubber Company GT are higher on the session by 4.83%, currently trading at $9.99. The stock has been moving sharply lower over the past six months, off of recent highs near $14.80. Options traders were buying calls on the name right out of the gate. The September $10.00 strike was purchased 5,400 times, on the offer; open interest on the strike is only 763 contracts. This signals new positioning on the name. Call volume is currently running at 2.79x the daily average. The Goodyear Tire & Rubber Company is a manufacturer of tires. The company, along with its United States and international subsidiaries and joint ventures, develops, manufactures, markets and distributes tires for applications. Goodyear also manufactures and markets rubber-related chemicals for various applications. The company is an operator of commercial truck service and tire retreading centers.