Bullish investors have taken a shine to Skullcandy Inc (NASDAQ:SKUL - 15.44) and are opening short-term option contracts in hopes of benefiting from further upside. The niche tech company -- SKUL is primarily a manufacturer of headphones -- is fresh from its earnings report last week and is seeing unusual call volume in the options pits today.

Specifically, roughly 17,000 calls have traded in SKUL, outpacing typical average daily call volume by about 18 times. SKUL put volume is negligible, with just over 700 contracts trading across all strikes.

The in-the-money August 12.50 strike has been the most active, with 12,200 contracts trading versus existing open interest of 2,500. Implied volatility has dramatically surged at this strike price today, suggesting option players may be buying these positions to open at an average price of $2.98 per contract.

If option traders are in fact buying these calls, SKUL will need to be trading above $15.48 (the strike plus the premium paid) when the August options expire next Friday. The most the option buyers have to lose is the premium paid, while gains are unlimited north of this breakeven point.

Last Thursday evening, SKUL reported a 60% surge in second-quarter earnings. The stock gapped nearly 12% out of the gate Friday but closed the session with more modest gains of 5.9%. SKUL shares continued to push higher yesterday, however, and are tacking on additional gains so far today.

Although the shares have declined 5% in the past 52 weeks, 2012 has been kinder to SKUL, which has gained nearly 23% year-to-date. What's more, the equity has outperformed the broader-market S&P 500 Index (SPX) by 13 percentage points in the last three months. Should this positive momentum continue, today's short-term SKUL call buyers could book a tidy profit in under a fortnight.