By Pete Najarian, co-founder of OptionMonster

NEW YORK ( OptionMonster) -- Sprint Nextel ( S) lit up with aggressive buying in its weekly calls Thursday even though they have very little time to perform.

The cellphone carrier's shares pushed higher into the close and ended Thursday's session up 5.24% at $3.01. Earlier in the week, the stock traded all the way down to a 52-week low of $2.25 before reversing higher.

OptionMonster's tracking systems Thursday spotted unusual activity in Sprint's Weekly 3 strikes, which expire at the end of trading today. More than 20,000 of those contracts changed hands, which is more than four times the previous open interest, indicating that these are new positions.

The calls were bought for 4 cents and 7 cents with the stock trading around $2.87. For these options to turn a profit, the stock must be above $3.04 to $3.07 -- the $3 strike price plus whatever premium was paid for the calls-- by expiration this afternoon.

More than 54,000 calls traded against just 6,000 puts at all Sprint strikes Thursday, and overall volume was almost twice the daily average.

Najarian has no positions in S.
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