Volume Spike Investor

Shares of NetApp, Inc. (NASDAQ: NTAP) are up marginally today by 1% at $23.92 after about 40 minutes of trading.  But there is an extreme surge in trading volume with already some 24 million shares having traded hands.  Its average daily volume is about 8.5 million shares.

The company priced $1.1 Billion in 1.75% convertible senior notes, and convertible note offerings generally increase trading volume around the offering dates.  Its market cap before any dilution from this is $8.1 Billion.

Interestingly enough, the activity hasn’t moved over that much into stock options trading.  Its 52-week trading range is $19.00 to $33.84.

Jon Ogg

June 5, 2008