Option players turn wary on proposed GM tie-up

Newswire

By Doris Frankel CHICAGO, June 30 (Reuters) - Billionaire investor Kirk Kerkorian's proposal for an international alliance involving General Motors Corp did little to relieve the long-term bearishness on the automaker in the equity options market, analysts and traders said on Friday. Kerkorian's announcement shocked investors, prompting an immediate jump in GM stock and speculation in the near-term options, most notably in defensive puts, on its shares. Options traders said some ...

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