Option Bulls Jump On Harman International Industries Inc. (HAR)

Harman International Industries Inc./DE/ (HAR) hit a seven-year high earlier

Digital Content Group
Jan 29, 2015 at 11:23 AM
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Harman International Industries Inc./DE/ (NYSE:HAR) is the largest gainer on the Big Board at midday -- up nearly 19% at $119.88 -- thanks to a fiscal second-quarter earnings blowout and strategic collaboration with Baidu Inc (ADR) (NASDAQ:BIDU). Earlier, in fact, the stock touched a seven-year high of $121.96. These developments aren't lost on option bulls, either.

Specifically, HAR calls are crossing at 20 times the usual intraday clip, with buy-to-open activity detected at the February 125 call. These buyers anticipate the stock will extend its upward momentum through the close on Friday, Feb. 20 -- when front-month options expire -- and settle atop $125, territory not charted since April 2007.

HAR's technical strength has been on display for some time now. Year-over-year, the shares have advanced more than 17%, and have recently taken a couple of strong bounces off their 20-month moving average.

Today's options traders have bullish company among the analyst crowd. Specifically, 75% of the brokerage firms tracking Harman International Industries Inc./DE/ (NYSE:HAR) have doled out "buy" or better ratings.

Monthly Chart of HAR since January 2007 with 20-Month Moving Average

 

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