Despite today?s weakness in tech names, options traders are coming after upside calls in JDS Uniphase (JDSU). Currently, shares are off just 0.34%, trading at $11.68.
Given the QQQs decline of 0.66%, JDSU is outperforming by 1.36% when adjusted for beta.
Options traders are buying up the October $13.00 call today. Over 8,450 contracts have traded on the strike, eclipsing open interest of just 40 contracts. This indicates few positioning on the name.
The largest trade has been a sweep of ~4,000 contracts; all were purchased, on the offer, for $0.36-0.39. The strike is currently bid $0.38, at $0.39.
Near-term implied and historical volatility have retreated over the past week, currently registering 42% and 43% respectively, which is down from 71% and 49% just a week ago. The Oct $13 calls traded at 43-44% vol.
JDS Uniphase Corporation is a provider of communications test and measurement solutions and optical products for telecommunications service providers, wireless operators, cable operators, and network equipment manufacturers.