By David Russell, reporter at OptionMonster
NEW YORK -- Some old tech names have recently come back from the dead, and now the bulls are betting that Hewlett-Packard (HPQ) is ready to make another move.
OptionMONSTER's tracking systems detected heavy buying in the March 18 calls, which traded in large institutional size for 36 cents to 40 cents. Volume surged past 28,000 in the session, including one giant block of 17,000 contracts.
These calls lock in the price where investors can buy shares in the iconic Silicon Valley company. They stand to generate some nice leverage if it keeps rallying but could also dwindle in value if the shares don't move. The stock already handed traders giant profits in November as it lifted from a 10-year low.Hewlett-Packard share rose 0.12% Thursday to close at $17.03. Other technology veterans including Nokia, Sony, Dell, and BlackBerry have also made big moves in recent months after major selloffs. Total option volume in the name was twice its daily average, with calls outnumbering puts by almost 5 to 1. Russell has no positions in HPQ.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV