FTI Consulting saw upside options activity late in Friday's dismal session ahead of its earnings report after the bell Wednesday.
The global business advisory company started the day fairly strong but ended up down 1.47 percent to $40.81. FTI is down more than 27 percent since the beginning of August but has been trading in a tight range for the last month between about $41 and $43. The 52-week low and high range is $36.14 to $60.69, so clearly the stock has underperformed to say the least.
The options activity was concentrated on the November 45 strike, where a single trade of 12,650 calls was bought at $0.60 against open interest of 858 contracts. Normal volume is downright anemic—the strike has averaged a grand total of 66 contracts per day for the last month—but Friday's total option turnover was off the charts, passing 20,000 in the final 15 minutes.
Total calls at all strikes outnumbered puts by more than 31 to 1, according to The stock would need to rise roughly 12 percent by expiration for the November 45 calls to turn a profit.
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Najarian owns a long call spread in FCN.
Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of .