Traders positioning for shares in SODA to continue higher during the next couple of sessions snapped up weekly calls on the stock. More than 2,200 calls changed hands at the Aug 02 ’13 $67.5 strike versus open interest of 869 contracts by midday. It looks like most of the volume was purchased for an average premium of $1.00 apiece.
Traders also homed in on the Aug 02 ’13 $70 strike calls, trading more than 1,300 lots and buying much of the volume for an average premium of $0.42 per contract. Buyers of the $67.5 and $70 strike weekly call options stand ready to profit at expiration should shares in the name rally another 1.0% and 4.0% over today’s high of $67.81 to top average breakeven points at $68.50 and $70.42, respectively.