Some old tech names have recently come back from the dead, and now the bulls are betting that Hewlett-Packard is ready to make another move.
OptionMONSTER's tracking systems detected heavy buying in the March 18 calls, which traded in large institutional size for $0.36 to $0.40. Volume surged past 28,000 in the session, including one giant block of 17,000 contracts.
These calls lock in the price where investors can buy shares in the iconic Silicon Valley company. They stand to generate some nice leverage if it keeps rallying, but could also dwindle in value if the shares don't move. The stock already handed traders giant profits in November as it lifted from a 10-year low.
Total option volume in HP was twice its daily average, with calls outnumbering puts by almost 5 to 1.
—By CNBC Contributor David Russell
Options Trading School:
David Russell is a reporter and writer for OptionMonster. Russell has no positions in HPQ.