Options Traders Follow the Calls to Global Crossing

Global Crossing (GBLX Quote) may have been beaten down during a grueling but ultimately successful mating dance with Frontier (FRO Quote), but traders are finally feeling optimistic about the company's prospects.

That sentiment was apparent this morning from action in the options market, where traders were swapping calls like hotcakes into the news that the company had entered into a venture with Microsoft (MSFT Quote) and Softbank.

Volatility Index Today % Change 24.18 +3.64 Source: ILX

Investors are understandably wary when it comes to Global Crossing. The company's merger with Frontier was confusing, and the news of Global's linkup to build an Asian telecommunications network might be greeted with even more skepticism as just another announcement waving around Microsoft's name to win back investors' hearts. ...