Bullish Move on Autodesk

CHICAGO (TheStreet) -- Although Autodesk(ADSK Quote) did not announce significant news Wednesday, at least one option investor has taken an interest in the January 24 calls and took a bullish near-term stance on the software company.

The near-the-money January 24 calls have traded more than 5,000 times so far today versus current open interest of 1,376 contracts, indicating investors traded these options to open.

At 10:58 a.m. EST, a large block traded for $1.10 (the ask price), suggesting the majority of the action occurred on the buy side. This means bullish investors who bought these calls need ADSK shares to be trading at $25.10 at January expiration to make money, unless they decide to take profits following a significant spike in the stock.

This morning's call-buying activity has pushed up implied volatility of these options to 34, and these calls are down two cents on the day. The delta of the January 24 calls is 50, and the options are trading up more than the delta would suggest.

Approximately 3,700 options normally trade in ADSK on any given day, but the 5,000 contracts that have crossed the tape in the January 24 calls has already trumped normal daily volume.

ADSK shares reached a new 52-week high a couple weeks ago, and the stock is 35% higher than its July low of roughly $17. Bullish investors are calling for a 5% rally in the stock throughout the next couple months.

-- Written by Jud Pyle in Chicago

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