Last-Minute Buying in Hewlett-Packard

HP Spectre laptop
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HP Spectre laptop

Hewlett-Packard is continuing its surprising rebound, and last-minute buyers stepped in yesterday in search of even more gains.

About 5,000 April 23 calls were purchased, most of them in the final 45 minutes of the session for $0.21, according to OptionMonster's real-time tracking systems. Open interest in the strike was 2,202 contracts before the session began, indicating that yesterday's action was fresh buying.

HP shares rose 1.76 percent yesterday to close at $21.40. The computing giant hit a decade low of $11.43 last November, but gapped higher on quarterly results last month and has been rising ever since.

The calls bought yesterday, which lock in the price where traders can buy the stock, are looking for HP to climb above $23 by mid-April. They can provide significant leverage in the event of a rally, but can expire worthless if shares remain below that strike price.

—By CNBC Contributor Pete Najarian

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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of Najarian has no positions in HPQ.