Wall Street trader makes $2.4M — thanks to a tweet

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  1. Vidhi Khanna

    Vidhi Khanna Active Member Staff Member

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    A savvy stock trader scored a $2.4 million windfall by using a tweet about a possible tech deal to outrace a herd of rival bulls.

    The unidentified Wall Street whiz paid $110,530 on Friday afternoon for the right to buy around 300,000 shares in computer-chip maker Altera at $36 a share, according to reports.

    At the time, Altera was trading at about $34.76 a share, and the trader’s “call” options cost a measly 35 cents each because the stock ordinarily wouldn’t be expected to hit the $36 mark.

    But within just 28 minutes, Altera shares had soared in the wake of a Wall Street Journal reporter’s tweet that the company was “in talks” to get bought out by Intel, reports said.

    At Friday’s 4 p.m. closing bell, Altera’s price was $44.39 a share, up 28 percent.

    ......

    https://nypost.com/2015/04/02/wall-street-trader-makes-2-4m-thanks-to-a-tweet/
     
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