Bullish Call Action on Crocs, Owens Corning

By David Russell, reporter at OptionMonster

Options action was bullish Monday on Crocs(CROX Quote) and Owens Corning (OC Quote) ahead of earnings reports from both companies this week.

Investors plowed cash into the August 4 calls in Crocs, gobbling up more than 6,000 contracts for 15 cents to 45 cents, according to OptionMonster's tracking systems. Volume was more than twice the open interest.

Crocs rose 14.6% to $3.92 on Monday. The footwear retailer is scheduled to release second-quarter earnings Thursday after the bell.

Owens Corning is scheduled to report before the bell Wednesday. The building insulation maker rose 6% percent to $19.49 on Monday and is up 59% in the last month. Most of the buying focused on the August 20 calls, which traded 3,628 times for 50 cents to 85 cents against open interest of 1,951 contracts.

Options volume was more than six times average in both names, and combined call activity exceeded puts by more than seven to one.