Options traders seem to expect a hot summer from a forgotten tech stock.
More than 19,000 July 29 calls traded in Juniper Networks (JNPR) on Friday. Buyers initially paid $0.56 and kept nibbling as the stock moved higher. Pretty soon they doubled to $1.15 and even quadrupled to more than $2 by the afternoon.
JNPR jolted higher as the calls hit, and closed up 1.79 percent to $27.92. The networking company beat estimates in early May and showed signs of adding customers in the fast-growing cloud space. It wasn’t able to rally at the time because of bearish momentum, but it’s steadily plodded higher since.
Overall option volume was more than 5 times the monthly average in JNPR, and the highest daily volume all year. Calls outnumbered puts by a highly bullish 23-to-1 ratio.