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Bulls are jumping into Cypress Semi

By: optionMONSTER
Posted: 11/14/2011 1:30:00 AM
Referenced Stocks: CY

Cypress Semiconductor appears at several conferences this month, and the bulls are getting busy.

Buyers hit the December 21 calls early on Friday's session, looking for the stock to push higher. They initially paid $0.40, but those premiums almost doubled to $0.75 by late afternoon. More than 8,000 contracts traded against open interest of 4,353.

CY was up about 2 percent when the calls first traded but ended Friday up 7.21 percent to $19.78. The maker of programmable chips is bouncing between its 100-day moving average to the downside and 200-day moving average to the upside. (See our new researchLAB service for more)

Investors are bracing for a busy end to the month. It appears at the Citi Small & Mid Cap Conference at 1:15 p.m. ET tomorrow and the UBS Technology & Services Conference at 1 p.m. on Wednesday. It also is scheduled to present at Credit Suisse's Annual Technology Conference on Nov. 29.

Overall option volume in the name was 10 times greater than average on Friday, with calls outnumbering puts by a bullish 35 to 1, according to the Heat Seeker.

(A version of this post appeared on InsideOptions on Friday.)