Options Traders Bullish on Cisco

Pete Najarian, co-founder of OptionMonster

Options traders were bullish on Cisco Systems (CSCO Quote) Thursday, apparently in early speculation over the networking technology giant's earnings report next month.

Trading was concentrated on the Aug. 19 calls, in which 24,780 contracts changed hands in a strong buying pattern at more than double the open interest. On an average day, only 1,074 calls have traded at that strike in the last month.

In other seemingly bullish options activity, puts were sold in large numbers at the July 18 and Aug. 18 strikes in what may be an indication that traders are no longer worried Cisco shares will fall in the next month or so. ...