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Bull Charges Into Fairchild Semiconductor

Andrew Unangst | Getty Images

Bullish activity at a single strike made up all the option volume in Fairchild Semiconductor on Friday.

OptionMonster's tracking systems show that 4,036 February 13 calls were bought in less than 2 minutes on Friday afternoon, led by a print of 2,559 that went for for $1.54. The volume compares with open interest of only 189 contracts at the start of the day, so this is fresh buying.

Fairchild shares rose 0.58 percent on Friday to finish the week at $13.98. The chip maker bounced sharply just below the $12 level on Nov. 16 and hit a three-month high of $14.23 last Wednesday, a session before Citigroup reiterated its "buy" rating on the name and raised its price target to $20 from $15.

Friday's calls, which lock in the price where the trader can buy the stock, are looking for Fairchild's shares to gain more than 4 percent by expiration in mid-February. Total option volume in the name was 26 times its daily average in the last month.

—By CNBC Contributor Mike Yamamoto

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