By Pete Najarian, co-founder of OptionMonster NEW YORK -- Option activity in Blackstone ( BX) shows up frequently on our scanners, and the bulls returned to the name yesterday. Early buyers paid $0.63 for the August 22 calls, according to OptionMonster's tracking programs. They came back repeatedly through the day, driving premiums as high as $0.75. Almost 6,000 contracts traded against previous positioning of just 1,155, clearly indicating new activity. Calls lock in the price where shares can be purchased in the private-equity firm, letting investors cheaply position for a rally. They can also generate some nice leverage if the stock runs higher. Blackstone shares rose 2.93% to $21.79 yesterday, almost $2 below their 52-week high. Yesterday's option paper was also focused on July contracts, so traders are definitely looking for a move before the end of the summer. Overall calls in the name outnumbered puts by 12,700 to 4,400. Total option volume was almost triple the daily average. Najarian owns BX calls.