[Opening Position In Harrah's Entertainment (HET) LEAPS]
Dear Member:
This is a classic "buy on the rumor" play. Penn National has purportedly made a cash offer to buy Harrah's (HET) at an equivalent of $88.50 a share. HET is currently trading around $82, up $2.50. I like the Jan '08 80 calls (WBIAP) at a limit of $7.50 or better for the day.
DISCLOSURE: I do have a long LEAPS call position in HET.
Sincerely,
Bill Kraft
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