Traders Buy Joy Global Upside Options

By Jon "DRJ" Najarian, co-founder of OptionMonster

NEW YORK (TheStreet) -- Traders were busy buying upside options in Joy Global (JOYG Quote) ahead of a presentation by the Milwaukee-based mining equipment maker at the annual JPMorgan Diversified Industries Conference Wednesday.

Some 19,000 calls traded in the first three hours of Tuesday's session alone, according to OptionMonster's systems. Most of the activity involved the September 44 strike, at which about 8,000 calls traded against open interest of just 660 contracts, indicating new positions being opened. Traders also were focused on the October 40 strike, at which another 5,300 calls changed hands against open interest of 3,771 contracts.

Shares of Joy Global ended Tuesday up 4.3% to $45.15 and gained another 33 cents in after-hours trading. The company is scheduled to make its appearance at the New York conference at 11:30 a.m. EDT Wednesday.