Transocean is attracting upside option activity as the offshore driller tries to break out of a tight range.
More than 2,700 January 49 calls traded in a strong buying pattern yesterday, led by a print of 1,925 that went for $0.48, according to OptionMonster's real-time tracking systems. The volume was 6 times higher than the strike's open interest of 433 contracts at the beginning of the day, indicating that these are new purchases.
The calls, which lock in the price where traders can buy the stock, are looking for Transocean to gain roughly 7 percent by expiration on Jan. 18. The oil and gas exploration company is scheduled to report results for the fourth quarter and all of 2012 on Feb. 24.