And that's exactly what it looks like will happen, because the broadcaster made a big announcement after yesterday's close. CBS plans to separate its billboard businesses, forming a real-estate investment trust for its U.S. properties and selling its overseas properties.
CBS, which fell 0.42 percent to close the regular session at $37.94, shot up to $40.94 in after-hours trading. Those March calls will likely double this morning if the gains hold.
There was also bullish call buying on Wednesday and Thursday of last week, and those investors are now looking at gains of at least 100 percent after the billboard news.
Total option volume was quadruple the daily average in CBS yesterday, with calls outnumbering puts by a bullish 7-to-1 ratio.
—By CNBC Contributor David Russell
Additional News: Cramer: Stock Market Surge Ahead?
Additional Views: Bargain Hunters Take a Shine to Barrick Gold: Russell
Options Trading School:
David Russell is a reporter and writer for OptionMonster. Russell has no positions in CBS.