Akamai Technologies has fallen sharply in recent weeks but popped more than 5.5 percent yesterday as options traders rushed into upside calls.
The Internet services company traded 20,000 calls in the first 2.5 hours of yesterday's session while the rest of the options market saw light volume. Only one day earlier, AKAM traded just 1,500 calls, much lighter than its average of 7,500 for a full session in the last week.
Trading was most active at the July 18 strike, where 7,758 calls traded against open interest of just 188 contracts in a strong buying pattern. The July 19 calls were also active, changing hands 3,953 times at more than triple the open interest.
The shares closed yesterday at $20.24, up $1.06 on the session. AKAM broke $23 on June 11 but then began a steep decline that took it below $19 last week.
The company is scheduled to report second-quarter earnings results after the market closes on July 29.
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Jon 'DRJ' Najarian is a professional investor, CNBC contributor, and cofounder of OptionMonster.com.