Leap Reveal Has BlackBerry Limited (BBRY) Traders Active

BlackBerry Ltd (NASDAQ:BBRY) is rallying after earlier debuting its new touchscreen handheld called the Leap. At last check, the stock was up 1.3% at $11.19. Meanwhile, in BBRY's options pits, traders are taking sides -- with some once again gambling on a move higher, and others exhibiting doubts.

Currently, BBRY options are trading nearly double the usual rate for this point in the session. Buy- and sell-to-open activity is transpiring at the weekly 3/6 11.50-strike call. By purchasing the out-of-the-money contracts, traders expect the underlying to topple $11.50 by this Friday's close, when the series expires. By contrast, the call writers are wagering on a short-term ceiling. In today's session, BBRY has surged as high as $11.45.

Meanwhile, a number of option bears are rolling the dice on a pullback for the shares. Specifically, traders are buying to open BBRY's April 11 put, in the hopes that the equity will breach $11 by the close on Friday, April 17, when the back-month options cease trading.

On the charts, BlackBerry Ltd (NASDAQ:BBRY) has been on a tear since late February, helped last week by news of a partnership with Google Inc (NASDAQ:GOOGL). Specifically, since Feb. 20, when the shares closed at $10.27, BBRY has surged 9%.