Bulls Are Hungry for Tyson Foods

Tyson Foods, Inc. Logo

Tyson Foods pulled back on Friday after a big rally, and the momentum bulls jumped on board.

OptionMonster's tracking programs detected the purchase of about 4,100 April 24 calls for $0.45 and $0.50. Volume slightly exceeded previous open interest at the strike, indicating that new money was put to work on the long side.

Calls lock in the price where investors can buy shares in the meat and poultry company. That will give them significant leverage to the upside if it bounces in the next two weeks, but the contracts will lose most of their value if it doesn't.

Tyson fell 2.71 percent to $24.03 on Friday. It's up 24 percent so far this year and is trying to hold support around its February peaks near $24. Earnings are due on May 6—after the April options expire—so the trader is purely betting on a quick bounce.

The activity pushed total option volume in the name to six times greater than average in the session.

—By CNBC Contributor David Russell

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David Russell is a reporter and writer for OptionMonster. Russell has no positions in TSN.