Chinese Internet stocks have been incredibly strong recently, and the lighting struck Youku Todou on Friday.
OptionMonster's tracking systems detected unusual activity in the August 19 calls, with some large blocks snapped up early for $2.35 to $2.50. More than 2,600 contracts changed hands at the strike by the closing bell.
These options lock in the price where stock can be purchased in the Beijing-based company, which provides streaming videos. Given their relative cheapness, they can generate some significant leverage from even a modest move in the share price. That happened on Friday as Youku's stock kept nudging higher, and at one point those calls traded for as much as $3.30—a gain of about 40 percent.