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"Fast Money" Contributor
TiVo has been riding high ever since winning a federal patent case against rival Dish Network earlier this month, and options traders appear to think that there's more room for upside.
TiVo [TIVO
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] closed only slightly higher Friday but had been posting higher lows and new 52-week highs nearly every day since the June 2 court ruling. Options traders were hitting the upside calls again last week, most recently focusing on the July 12.50 calls purchased Friday for $0.65 on more than 8,000 contracts.
Overall more than 16,600 calls overwhelmed just 1,100 puts traded on the day at all strikes, according OptionMonster's tracking systems. Interestingly, Dish [DISH
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] also saw upside options activity with two large call purchases.
TiVo closed Friday up 1.24 percent to $11.44 after hitting a new 52-week intraday high of $11.62 the day before. For the calls bought Friday to turn a profit, the shares would need to rise another 15 percent by the time the options contracts expire in mid-July. The stock came into this month trading around $7.
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Options Trading School:
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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of OptionMonster.com.
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Data is a real-time snapshot *Data is delayed at least 15 minutes