Option traders are looking for Norfolk Southern to steam ahead in coming months.
The NSC September 77.50 calls were bought for $1.90, along with some July 77.50s snapped up for $0.15. OptionMonster's tracking systems showed that the volume was heavily skewed to the upside, with 9,200 calls traded against fewer than 3,000 puts.
Those calls lock in the price where shares can be purchased, which could provide significant leverage to a rally. Investors use these options to obtain long exposure cheaply and to limit losses in case they get the direction wrong.