Jon "DRJ" Najarian, co-founder of OptionMonster.

Light-emitting diode company Cree is up 6% today with huge options trading.

The average call activity in Cree for the month of March was 2,200 contracts a day, but today some 23,200 calls changed hands in the first hour of options trading alone. Most of the activity was at the April 25 strike (CARDE), where more than 10,000 calls were traded, according to OptionMonster's real-time tracking systems.

Cree shares, which are just under $25 at midday, are well above the $18 level where they were trading a month ago, but have leveled off in the last couple of weeks. Cree Chief Executive Officer Chuck Swoboda says demand for highly efficient LED lighting is poised to rise over the next year in spite of the recession.

The writer has long positions in Cree.

More from Options

Here's a Better Way to Hedge Using Stock Options

Here's a Better Way to Hedge Using Stock Options

Let the Najarian Brothers Crash-Proof Your Portfolio

Let the Najarian Brothers Crash-Proof Your Portfolio

Let the Najarian Brothers Help You Generate Income With Options

Let the Najarian Brothers Help You Generate Income With Options

Learn Options Trading from the Najarian Brothers, the Best in the Business

Learn Options Trading from the Najarian Brothers, the Best in the Business

All Investors Can Trade Options, Just Ask the Najarian Brothers WATCH VIDEO

All Investors Can Trade Options, Just Ask the Najarian Brothers WATCH VIDEO