Tumi is attracting bullish option activity ahead of the luggage maker's second-quarter earnings release after today's close.
More than 3,300 August 20 calls have been purchased today, including a single print of 2,692 that traded for the ask price of $0.65, according to optionMONSTER's Heat Seeker tracking system. Open interest in the strike at the beginning of the day was just 136 contracts, so this is clearly a new position.
These calls make up nearly all of the session's option activity in Tumi, which averages only 50 contracts a day with all strikes combined. A mere 56 of the options are puts, a reflection of today's bullish bias in the name.
TUMI is up 1.52 percent to $18.22. The stock reached a high of $28.70 on its initial public offering in April but fell sharply the next month, eventually settling into a range mostly between $16 and $18.50.
For today's long calls to profit, the stock would need to gain roughly 14 percent by the time they expire in less than two weeks.
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