Unusual Options Activity: Bullish Trade on Ryder System

We noticed some bullish activity Tuesday on Ryder Systems (R). So far, both the Nov. 85 and the Nov. 90 have more than 12,000 contracts on the board. most of these contracts moved in matched lots where the 85 priced at the ask, and the 90 price low in the spread. Open interest on the 85s was 816, indicating that half of the position is certainly being opened, while the trading history of the 90s, which already had significant open interest, also suggests that today's contracts are likely part of a new position.