NXP rallied as the trades hit and continued higher throughout yesterday's session, ending with a 7.05 percent gain at $15.80. It's had a rough ride since the spring, losing more than half its value between April and August. The last two earnings reports missed estimates because of higher costs and uncertainties resulting from the European sovereign debt crisis.
Some chart watchers may think that NXP is due for a bounce because it's back down to the same $14 level where it went public in August 2010. The Dutch company also expects growth from the Google's Google Wallet initiative, which will allows cell phones to be linked to credit cards so they can be used as payment devices.
Overall, option volume in the name was more than five times greater than average in yesterday's session, with calls outnumbering puts by 28 to 1.
—Russell has no positions in NXPI.
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David Russell is a reporter and writer for OptionMonster.