Bulls Take the Wheel in Con-Way

Transports have been amazing all year, and yesterday traders hit the road with Con-Way.

OptionMonster's tracking systems detected the purchase of some 3,400 June 37.50 calls, with most of the large blocks priced for $0.95 to $1.15. This is fresh buying, as open interest in the strike was just 113 contracts before the session began.

These calls lock in the price where shares can be purchased in the Michigan-based trucking company. That produces inexpensive exposure to a continued rally while limiting the amount of capital at risk should they drop.

CNW rose 1.02 percent to $36.62 after being up more than 4 percent at one point in the session. The calls pushed as high as $1.70 during that time, which demonstrates the kind of leverage that can result from even a modest gain.

CNW began this month by falling with a weak earnings report but quickly found support at $32 and rebounded.

Total option volume was 100 times greater than average in the name yesterday, with calls accounting for 96 percent of the total.

—By CNBC Contributor David Russell

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Disclosures: Russell has no positions in CNW.

David Russell is a reporter and writer for OptionMonster.