CHICAGO (

TheStreet

) -- Call volume in

Nokia

(NOK) - Get Report

received a boost Tuesday morning from an investor who appears to have taken a moderately bearish stance on the wireless communication equipment producer.

Before the opening bell on Tuesday, Wunderlich initiated the company with a "buy" and released positive notes on mobile communication growth in less-developed regions of the world.

Following the rating news, the stock has risen seven cents to $15.18. NOK has a 52-week high of $16.58, and the call selling we saw this morning could have resulted from the recent run-up in the stock as investors sell off upside above the $18-level.

NOK has not announced its next earnings release date, but the market anticipates the report sometime around April 15.

Around 10:56 a.m. EST, a block totaling 14,000 out-of-the-money July 18 calls changed hands for 13 cents per contract versus current open interest of 313 contracts. The calls traded at the mid-price, but we know that investors sold these calls because the stock is currently up on the day with the calls down. That's a seller folks!

This action suggests investors sold to open these options betting that NOK shares could stay below $18.13 throughout the next few months. The July 18 calls have dropped two cents so far on the day, which is more than their 11-delta would suggest. Implied volatility of the calls is 28%, compared to a 30-day historical volatility of 23%.

This call sale allows for a 19% rally in the stock throughout the next three months before investors begin to lose money, which is why we call this options play moderately bearish.

-- Written by Jud Pyle in Chicago

At the time of publication, Pyle did not have a position in the stock mentioned.

Jud Pyle, CFA, is the chief investment strategist for Options News Network. Pyle started his career in finance in 1994 as a derivative analyst with SBC Warburg. After four years with Warburg, Pyle joined PEAK6 Investments, L.P., in 1998 as an equity options trader and as chief risk officer. A native of Minneapolis, Pyle received his bachelor's degree in economics and history from Colgate University in 1994. As a trader, Pyle traded on average over 5,000 contracts per day, and over 1.2 million contracts per year. He also built the stock group for all PEAK6 Investments, L.P. hedging, which currently trades on average over 5 million shares per day, and over 1 billion shares per year. Further, from 2004-06, he managed the trading and risk management for PEAK6 Investments L.P.'s lead market-maker operation on the former PCX exchange, which traded more than 10,000 contracts per day. Pyle is the "Mad About Options" resident expert. He is also a regular contributor to "Options Physics."