Sonus Networks: What Options Are Saying
"Fast Money" Contributor
Sonus Networks is holding an investor meeting Thursday morning, and bulls are hoping for good news.
Buyers stepped in yesterday (Tuesday) to buy about 3,700 June 3 calls for $0.15, dwarfing the previous open interest of 203 contracts, according to OptionMonster's real-time tracking systems. That was enough to push total option volume in the stock past 4,000, far outstripping the daily average of just 900 conracts.
Shares of SONS, which provides voice and data infrastructure for telephone companies, ended Wednesday's session flat at $2.91. (Click for 24-hour real-time quotes.) It had flirted with $4 in May before the bottom fell out, and it's been near $3 ever since.
The investor meeting starts at 9am ET at the New York Palace Hotel.
Calls outnumbered puts by 39 to 1, so the activity was definitely skewed in a bullish direction.
Pete Najarian has no positions in SONS.
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