Pete Najarian, co-founder of OptionMonster
NEW YORK -- Traders were making last-minute bullish bets on Hasbro (HAS) on Friday before the company releases its second-quarter earnings numbers in the premarket Monday.
Calls were active at the August 35 strike throughout the day but really picked up in the final hour of trading. More than 8,800 of the options traded for 60 cents to 90 cents against open interest of just 484 contracts, according to OptionMonster's real-time tracking systems.
Hasbro rose 0.36% on Friday to close at $33.84. The toy maker had been drifting lower since hitting resistance above $37 in early May but bounced off a seven-month support level last Monday and has been rallying back sharply.For Friday's long calls to turn be profitable, Hasbro needs to gain at least 5% or 6% by expiration in a month. Total option volume in the name was about 12 times its daily average, with 11,600 calls outnumbering 4,800 puts at all strikes. Najarian owns a call spread in HAS.