Ctrip.com International, Ltd. (ADR) (NASDAQ:CTRP) – The provider of hotel accommodations, airline tickets, packaged tours and other travel services in China reported first-quarter earnings and sales that handily beat average analyst expectations after the closing bell on Wednesday, sending shares in the Ctrip.com International, Ltd. (ADR) (NASDAQ:CTRP) up more than 25% to a new 52-week high of $29.81 on Thursday. Options in play on Ctrip.com International, Ltd. (ADR) (NASDAQ:CTRP) straight out of the gate this morning suggest some traders are initiating bullish positions on the name following earnings. More than 700 in-the-money calls have changed hands at the May $28 strike against open interest of 171 contracts. Premium on these contracts is up sharply since this morning, with the $28 calls commanding an asking price of $1.90 apiece as of midday, up four-fold from $0.45 per contract in the early going. Bulls also looked to the June expiry calls this morning, picking up around 350 lots at the Jun $28 strike for an average premium of $0.89 each and another 300 lots at the higher Jun $30 strike at a premium of $0.70 per contract. Overall options volume on Ctrip.com International, Ltd. (ADR) (NASDAQ:CTRP) is up sharply today, with more than 10,500 contracts in play versus average daily volume of around 2,500 contracts.
Caitlin Duffy
Equity Options Analyst
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