Traders were busy buying upside options in Joy Global yesterday ahead of a presentation by the mining equipment maker at the annual JP Morgan Diversified Industries Conference today.
Some 19,000 calls traded in the first three hours of yesterday's session alone, according to OptionMonster's systems. Most of the activity involved the September 44 strike, where about 8,000 calls traded against open interest of just 660 contracts, indicating new positions being opened.
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Traders were also focused on the October 40 strike, where another 5,300 calls changed hands against open interest of 3,771 contracts.
Shares of Joy Global ended the day up 4.3 percent to $45.15 and gained another $0.33 in after-hours trading. The company is scheduled to make its appearance at the New York conference at 11:30 a.m. ET today.
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Najarian owns JOYG and short JOYG calls.
Jon 'DRJ' Najarian is a professional investor, CNBC contributor, and cofounder of OptionMonster.com.