Options Traders Seek Upside in BJ Services

By Pete Najarian, co-founder of OptionMonster

BJ Services (BJS Quote) had surged along with other oil service companies for much of this quarter before faltering lately, and options traders are apparently looking for more upside.

Just after noon Wednesday, OptionMonster's systems lit up with several large blocks of the July 17.50 calls bought for 50 cents, followed by one enormous print of 18,000 purchased for 55 cents just minutes later. More than 39,000 calls changed hands by the end of the day at that strike, more than four times open interest and dwarfing the average call volume of 730.

BJ Services ended the regular session up slightly to $15.58 on heavy volume and rose another 1.4% in after-hours trading. The shares would need to rise another 16% or so by July expiration for Wednesday's trades to make a profit....