In Wednesday’s Blitz Daily with Lance Ippolito, we take a look at cornerstone industrial company General Electric as its shares continue to climb after announcing a new stock buyback program.
The markets caught a much-needed bid Wednesday after two lackluster sessions to start the week.
The move higher is welcome news for GE shareholders who watched the company print a 52-week low on Monday.
GE’s momentum began to turn on Tuesday after it authorized a new $3 billion program to repurchase shares on the open market.
The news helped power a two-day 9% rally as bullish traders poured back into the stock and options chain. The Blitz Tracker spotted one trader sweeping up more than 2,400 contracts of the March 11 $94 strike calls for more than $207,000 in premium!
Of course that wasn’t the only order flow hitting the tape Wednesday…
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