Traders Buy In to Moynihan's Plan for BofA
NEW YORK -- Investors behind the day's most notable options trade bet that Bank of America Corp.'s stock can stage double-digit percentage gains this fall.</br></br>Shares in the Charlotte, N.C. bank fell as much as 2.2% ahead of a much-awaited speech by Chief Executive Brian Moynihan. But investors behind this options move used the occasion to ramp up a bullish bet.</br></br>Specifically, they traded in 70,000 $14 Bank of America September call options to buy the same number of November $15 contracts.</br></br>A call conveys the right to buy shares at a fixed price some time in the future, and typically signals bullish intent.</br></br>Traders who move up a dollar in strike price are able to pay less money for their new bets and also signal higher expectations for the stock.