Nokia Corporation (NOK) Call Players Take Charge

Call players have taken charge of Nokia Corporation's (ADR) (NYSE:NOK) options pits today. By the numbers, 5,104 calls have changed hands thus far, compared to fewer than 550 puts.

Seeing the most action is NOK's July 8 call, where it appears new positions are being purchased. If traders are indeed buying to open the calls, the goal is for the security to muscle north of $8 by the close on Friday, July 17 -- when the back-month options expire. Delta on the call is docked at 0.20, indicating a 1-in-5 chance of an in-the-money finish.

Expanding the sentiment scope reveals put buyers have been active in NOK's options arena in recent weeks. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 10-day put/call volume ratio of 0.67 sits just 10 percentage points from a 52-week peak.

Technically speaking, the withstanding skepticism among option traders more closely aligns to NOK's technical trajectory. Year-to-date, the shares have lost almost 9% to trade at $7.16. More recently, the stock made an attempt to fill its late-April earnings-induced bear gap, but was quickly halted by its descending 40-day moving average.