Schaeffer's Street Stories: Earnings Anxiety Triggers Heavy Option Trading on MGM MIRAGE (MGM)

Option players have pounced on MGM MIRAGE (NYSE: MGM) today, as investors place their bets ahead of the firm's upcoming turn in the earnings spotlight. According to Thomson Reuters, the casino concern is slated to report third-quarter figures before the opening bell on Thursday, Nov. 5. Earlier today, sector peers Wynn Resorts Ltd. (NASDAQ: WYNN) and Boyd Gaming Corp. (NYSE: BYD) fell short of the Street's expectations, with both stocks tumbling into the red.

In early afternoon trading, MGM has already seen roughly 13,200 puts and 14,300 calls cross the tape – more than doubling its average single-session volume of about 5,200 puts and 6,850 calls.

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