Pete Najarian, co-founder of OptionMonster.

Online advertising company ValueClick ( VCLK) is burning bright with call activity today after a new report showed that Internet advertising grew 11% to $23.4 billion last year.

Shares of ValueClick jumped at the open and are still up 6.5% to $8.36. Calls were trading heavily at April and May strikes, though the April 10 activity drew the most attention.

The average trading volume of ValueClick is fewer than 600 contracts, but more than 4,000 changed hands in the first hour of the day in the April 10 calls alone. The buying began at 15 cents and now the market for ValueClick's April 10 calls is 25 cents to 30 cents, while ValueClick's May 10 calls trade for 55 cents to 60 cents with volume at more than 3,400 contracts.

ValueClick, which provides online advertising for agencies and customers, rests in the sweet spot of growth. The stock has been performing well in the last few weeks but may have hit a level of resistance just under $9.

The writer owns long calls in ValueClick.