Chicago Bridge & Iron has been pulling back hard, but yesterday the buyers stepped in.
OptionMonster's trade scanners detected unusual activity in the May 55 calls, with large blocks purchased for $1.40. More than 5,600 contracts changed hands, clearly new positions because open interest in the strike was just 734 before the session began.
These calls lock in the price where shares can be bought in the engineering company. Their cheap price can give them significant leverage, letting investors position for a rally at low cost.