Notable Thursday Option Activity: USM, MGM, PANW

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in United States Cellular Corp (USM), where a total volume of 700 contracts has been traded thus far today, a contract volume which is representative of approximately 70,000 underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 47.3% of USM's average daily trading volume over the past month, of 147,985 shares..