Boeing is seeing heavy options activity Tuesday, mostly on the call side.
BA's 20-day average volume is 16,400 options daily, but this morning 26,000 contracts traded in the first 45 minutes alone, according to OptionMonster's real-time tracking systems. As the stock is up some 3 percent to about $40 at midday, calls outnumber puts by a margin of 15,000 to 11,900.
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The bulk of the call buying is at the January 45 strike, where 10,200 contracts are trading against open interest of 3,696. The February 45 calls are active as well, with 2,200 against open interest of 2,644 contracts.
The bottom line is that these trades all have bullish overtones, as BA continues to trade at its lowest levels since October 2003.
Boeing has been struggling all year, as the company has faced generally bleak news consistent with the rest of the broader markets and the global economy. But the most severe selling began in November, taking the stock down to its lows of the year at current prices, and yesterday BA boosted its dividend to a yield of more than 4 percent.
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Jon 'DRJ' Najarian is a professional investor, CNBC contributor, and cofounder of OptionMonster.