Options Traders Bet on Virgin Media Rally

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David Russell, reporter for OptionMonster.

Options traders are apparently betting on a 25% rally in Virgin Media(VMED Quote).

More than 11,000 June 10 calls changed hands today against open interest of 832, according to OptionMonster's tracking systems. Most of the volume, including a single trade for 4,600 contracts that was made just minutes ago, was executed at the ask price and therefore reflects strong buying interest. The calls priced for 25 cents to 40 cents.

Virgin Media is up 3% to $7.95 with 90 minutes to go in the trading day. The shares must pass $10 for the calls to be worth anything at expiration by mid-June. The wireless communications company, which also runs U.K. television stations, plans to announce first-quarter earnings Tuesday.

Overall options volume in Virgin Media totaled 6,879 today. That's more than four times average and twice the total open interest in the name.