CHICAGO (

TheStreet

) --

Hewlett-Packard

(HPQ) - Get Report

did not announce any news Wednesday to account for the pop in the stock. At least one investor is calling for further upside throughout the near term by buying calls.

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The out-of-the-money April 55 calls have traded more than 15,000 times so far today versus current open interest of 5,800 contracts, indicating investors traded these options to open. Around noon EST, one large block of more than 14,400 April 55 calls crossed the tape at the ask price of 31 cents per contract.

This means investors who bought these options are calling for at least 10% of upside throughout the next 51 trading days. Call buyers will make money if HPQ shares close higher than $55.31 at April options expiration.

Implied volatility of the April 55 calls is 20%. If the calls move significantly to the upside along with a rise in stock, call buyers could choose to sell back the calls and book profits.

Normal options volume in HPQ is 32,000 contracts across all strikes. It's interesting that at least one bullish investor's trade already accounts for more than half of the daily volume we've seen hit the tape today.

HPQ shares have gained nearly 2%, or roughly 85 cents, to $50.97 on the day.

-- 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."