NEW YORK (TheStreet) -- Bulls were snapping up calls in XPO Logistics (XPO) - Get XPO Logistics, Inc. Report in the final minutes of trading Thursday.

As I mentioned on CNBC's "Fast Money," OptionMonster's Heat Seeker system detected heavy buying in the May 45 calls, with nearly 9,700 trading for $1.40 to $1.95 in the last half-hour of the session. This represents new positioning, as volume was far above the strike's previous open interest of 1,514 contracts.

These long calls lock in the price where the stock can be purchased through mid-May, no matter how far it might climb. They could be sold earlier at a profit if premiums rise with a rally before then, providing potentially significant leverage, but the contracts will expire worthless if shares remain below $45.

XPO stock rose 0.67% to $43.55 yesterday as it tries to hold support near its 50-day moving average. The stock hit an all-time high of $47.49 on March 20, but then fell with the recent weakness in the transportation sector.

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The transportation and logistics company has not yet announced the date of its next earnings report, but last year's calendar suggests that its first-quarter results will come out in early May before Thursday's long calls expire.

Total option volume in XPO topped 12,000 Thursday, more than 14 times its daily average for the last month. Overall calls outnumbered puts by a bullish 7-to-1 ratio.

-- Written by Jon Najarian for OptionMonster

This article is commentary by an independent contributor. At the time of publication, the author was long XPO shares and calls.