CHICAGO (

TheStreet

) -

SunPower

(SPWRA)

did not report significant news today, but at least one option investor took interest in the at-the-money January 22.5 calls and expressed bullishness on the solar name.

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These options changed hands more than 6,600 times today versus open interest of just 1,300 contracts, which indicates investors traded them to open. The January 22.5 calls have gained 23 cents on the day and closed around $2.10 per contract. These calls have a 57-delta, and SPWRA shares are up eight cents on the day, suggesting the majority of the action occurred on the buy side.

Bullish investors who bought these calls are betting that SPWRA shares will close higher than $24.60 at January expiration. If SPWRA shares climb significantly throughout the next month, investors could choose to sell the calls and book profits instead of holding them until they expire.

In addition, we saw a block of out-of-the-money January 25 calls trade at roughly $1.15 when SPWRA stock was trading at $23.30 per share. The break-even on this trade is $26.15 for bullish investors looking for even further upside in the SPWRA.

Investors should not run out and buy SPWRA shares only because of today's call-buying action, but it's interesting that investors are looking for at least 8% of upside throughout the next month.

-- Written by Jud Pyle in Chicago

At the time of publication Pyle did not 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."