By Pete Najarian, co-founder of OptionMonsterNEW YORK ( OptionMonster) -- Cypress Semiconductor ( CY) has had a brutal quarter, but now the buyers are coming back. The chipmaker's stock rose above $16 during Wednesday's session before giving back some of those gains to close at $15.90, up 1.79%. Shares had traded above $22 in early July. Multiple large blocks were bought in the October 17 calls for 20 cents to 25 cents, according to OptionMonster's real-time tracking systems. More than 17,000 of the calls traded against previous positioning of just 3,713 contracts, pushing Cypress' total option volume to eight times greater than its daily average. These calls will be profitable if the stock gains at least 8.5% by the time they expire on Oct. 21. The company will report earnings before the bell a day earlier, on Oct. 20. Total calls at all strikes in the name outnumbered puts by more than 60 to 1, another reflection of bullish trader sentiment. Najarian has no positions in CY.