Some traders think that Office Depot is ready for blastoff.
OptionMonster's monitoring programs detected the purchase of some 2,400 June 4.50 calls for $0.10. Volume was more than 60 times previous open interest, indicating that new positions were initiated.
Calls lock in the price where shares can be purchased in the office-supply retailer. That can provide significant leverage in a rally, while limiting the amount of capital at risk.