By Jud Pyle, CFA, chief investment strategist for the Options News NetworkLooking at the May 17.5 calls in NetApp ( NTAP) we find that they have traded more than 5,000 times so far today vs. current open interest of 411. We also find that the May 20 calls have traded more than 7,000 times vs. an open interest of 1,462 and the May 12 puts 10,000 times vs. an open interest of 119.
In the past, Barron's has suggested that buyers could include the likes of IBM ( IBM), Cisco ( CSCO), or Oracle ( ORCL) with a price ranging from $20 to $25. Today there are no rumors running rampant, but past rumors at least are worth noting. This bullish activity in NTAP does not mean that investors should run out and buy shares of the stock. But it is at least looking at how one investor is using options to express a seemingly bullish view. Jud Pyle is the chief investment strategist for Options News Network (www.ONN.tv) and the portfolio manager of TheStreet.com Options Alerts. Click here for a free trial for Options Alerts. Mr. Pyle writes regularly about options investing for TheStreet.com.