Here you go tamilkid:
I think I had an limit order to buy some 5 April calls last week at .03 when the stock started slipping. It never got filled and that's as high as I was willing to go with ~ 30 days left till expiration.
You could still make a lot of money with them. Good luck!
"Why not buy the actual stock?"
Leverage. You stand to make much more buying options if the price moves in your favor.
1 contract selling for $39 (or .39 per share) allows you to control 100 shares of the underlying stock. The stock is now selling at 4.05. Which means that a $39 investment in a call allows you to control the upside on $405 worth of stock.
Assume that the stock rallies to $5 per share and you bought 100 contracts at $39.
Your $3900 investment is worth 10,000 dollars at least, not even factoring in any time premium. A 3900 investment in the stock itself would in that same scenario ( a run up to $5 be worth $4814).
Assume a run up to $6. At expiration your $3900 investment would be worth $20,000. A 3900 investment in the stock itself in that scenario would be worth only $5700