Qualcomm shares gained 1 percent on Wednesday, and some traders are betting the stock will see more upside in the months ahead.
The tech giant rallied after selling roughly $10 billion in bonds. Proceeds of that sale will be used to buy back Qualcomm shares over the next several months. Optimism with Qualcomm in the options market let to bullish bets on the stock outnumbering bearish ones by roughly 4 to 1.
One such bullish wager was a trade in which a buyer purchased 3,000 contracts of the October 70-strike calls for $3.20 each. As each contract controls 100 shares, the trader is betting $960,000 that Qualcomm's stock will be above $73.20 or 5 percent higher than Wednesday's close in the next five months. A call is a bullish bet giving the purchaser the right to buy a stock at a set price within a specific timeframe.
Though share prices are still up 88 percent in the last five years, the past year has seen the stock fall nearly 13 percent.
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