Investments, tenth edition


PRICES AT CLOSE JANUARY 18, 2013



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PRICES AT CLOSE JANUARY 18, 2013

Expiration

Jan


Feb

Apr


Jul

Jan


Feb

Apr


Jul

Jan


Feb

Apr


Jul

Jan


Feb

Apr


Jul

185


185

185


185

190


190

190


190

195


195

195


195

200


200

200


200

9.15


10.60

12.00


14.35

4.40


6.75

8.85


10.95

0.01


3.65

5.90


8.45

1.10


1.61

3.70


6.10

307


299

41

37



815

402


107

15

2451



1337

1785


13

1248


1053

629


80

2431


2

706


134

5697


2808

1866


645

11718


11902

2928


5773

2966


5530

3236


1257

0.76


1.82

3.60


6.55

1.75


3.00

5.20


8.54

0.70


5.00

7.30


10.85

5.55


8.09

10.05


...

302


710

104


37

507


3553

527


6

4090


860

934


22

637


546

375


...

2488


3645

2047


1354

2496


10377

2177


1142

8862


3156

1141


3419

6199


967

1903


1105

Call

Put

I B M (IBM)

Underlying Stock Price: 194.47

Strike

Last

Volume

Open

Interest

Last Volume

Open

Interest

 Figure 20.1 

Stock options on IBM closing prices 

as of January 18, 2013 

  Source: The  Wall Street Journal Online,  January 18, 2013. 

bod61671_ch20_678-721.indd   681

bod61671_ch20_678-721.indd   681

7/25/13   2:50 AM

7/25/13   2:50 AM

Final PDF to printer



682 

P A R T   V I

  Options, Futures, and Other Derivatives

only $1.61. Conversely, put options are worth  more  when the exercise price is higher: You 

would rather have the right to sell shares for $200 than for $195 and this is reflected in 

the prices of the puts. The February expiration put option with strike price $200 sells for 

$8.09, whereas the $195 exercise price February put sells for only $5. 

 If an option does not trade on a given day, three dots will appear in the volume and price 

columns. Because trading is infrequent, it is not unusual to find option prices that appear 

out of line with other prices. You might see, for example, two calls with different exercise 

prices that seem to sell for the same price. This discrepancy arises because the last trades 

for these options may have occurred at different times during the day. At any moment, the 

call with the lower exercise price must be worth more than an otherwise-identical call with 

a higher exercise price. 

 Expirations of most exchange-traded options tend to be fairly short, ranging up to only 

several months. For larger firms and several stock indexes, however, longer-term options 

are traded with expirations ranging up to several years. These options are called LEAPS 

(for  L ong- T erm   E quity   A ntici P ation   S ecurities). 

 

 

     a.   What will be the proceeds and net profits to an investor who purchases the February expiration IBM 



calls with exercise price $195 if the stock price at expiration is $205? What if the stock price at expira-

tion is $185?  



    b.   Now answer part ( a ) for an investor who purchases a February expiration IBM put option with exercise 

price $195.   

 CONCEPT CHECK 


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