By David Russell
Omnicom (NYSE:OMC) has been consolidating after a run to its recent highs, and now some investors are positioning for a breakout.
optionMONSTER's Heat Seeker tracking system detected the purchase of more than 7,800 October 45 calls for $0.70 to $0.90. Volume was more than 135 times open interest in the strike.
OMC rose 0.40 percent to $39.82 yesterday and is up 8 percent in the past month. The advertising stock has been rallying since its last earnings report on Feb. 10, when revenue fell less than expected and management predicted top-line growth in the second half.
It has spent the past 5 sessions pushing against the same $40 level where it peaked late last year.
Overall in the name, calls outnumbered puts by a bullish 50-to-1 ratio, and total options volume was 39 times greater than average.
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Disclosure: No positions