UPDATE: $CMC
CMC – Commercial Metals: strength in stock (+1.4%) follows increased Fidelity position this morning (If TRADING TO EXIT POINT RETAIN POSITION – last $18.00 +0.25 — suggested at $16.23 on 02.23.10) —- Fidelity disclosed an 11.1% stake in amended 13G filing out before the open, which represents an increase from the 7.4% previously disclosed on 2/16. Of note, CMC calls were very active yesterday as takeover chatter, with the Mar 17.5 calls trading nearly 20K contracts vs. open int of 19.8K, pushing implied volatility higher. The co is confirmed to report earnings Mar 24, which falls outside the Mar expirations cycle.