Phillips 66 has been lighting up our scanners for months, and the buyers came back for more yesterday.
OptionMonster's tracking systems showed heavy activity in the January 60 calls, with about 27,000 trading in volume well above the previous open interest of 3,841 contracts. The largest block priced for $0.70.
Calls lock in the price where traders can buy shares, so these options can provide significant leverage when the stock goes up. But if the shares don't move, the calls will expire worthless.