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EMC Corporation (EMC) Bulls Take Aim at Multi-Year Highs

Call buyers think EMC Corporation will tackle the elusive 30 strike by July

by 3/13/2014 10:50 AM
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EMC Corporation (NYSE:EMC) calls are trading at a roughly 16-fold mark-up to the average intraday pace, with 46,000 contracts on the tape less than two hours into the session. Nearly one-third of the action has centered on the tech name's July 30 call, where nearly 14,600 contracts have been exchanged.

Almost all of the volume at this out-of-the-money strike -- including a block of 13,685 contracts -- crossed at the ask price, suggesting the activity is being fueled by buyers. What's more, implied volatility has ticked higher, hinting at newly bought bullish bets -- a theory echoed by Trade-Alert.

Today's call buyers are looking for EMC -- which hit a fresh annual high of $27.68 earlier, and was last seen at $27.44 -- to topple the 30 strike by July options expiration in three-plus months. The shares haven't explored territory north of this area since mid-2001. Whether or not the gains materialize, the most the traders have on the line is the initial premium paid.

From a sentiment perspective, EMC Corporation (NYSE:EMC) is a favorite of the Wall Street crowd, receiving "buy" or better ratings from 20 out of 25 covering analysts. Earlier this morning, Wunderlich initiated coverage on EMC with a "buy" rating and a price target of $31.


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