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The nearly decimated shares of



have gained noticeably in recent days, in part perhaps on hopes that the telecom company will receive a capital infusion.

That speculation also has been seeping into Teligent options, which have been unusually active.


Chicago Board Options Exchange

trader said there have been rumors floating that the company could be getting some more funding.

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That's what likely sparked options play the past two days, as the stock closed Thursday up 81 cents to $5.31. The volume in the December 5 calls was heavy, particularly at the CBOE, with 1,312 contracts trading. The calls were up 9/16 ($56.25) to 1 1/16 ($106.25).

According to

McMillan Analysis

, options volume Wednesday was higher than normal in Teligent, with a total of 3,742 contracts trading, compared with average volume of 717. Of yesterday's total, 2,432 were call options.

In a conference call early last month, Teligent's chairman, Alex Mandl, said the company had enough money to fund its business through the middle of next year and that it was in talks for additional financing.

Vienna, Va.-based Teligent has seen shares of its stock plummet dramatically over the past year. Since hitting a high of $100 in March, it has been a catastrophe for the stock.

Open interest in Teligent options is leaning far to the call side. Open interest in the company's December options is strongly tilted to calls, with more than 3,100 contracts in existence.

Meanwhile, total put open interest for December options is 640 contracts.

Call options, which give the owner the right but not the obligation to buy a stock for a certain price by a certain time, are used to speculate when traders are anticipating strength in a stock.