Fast-money bet in Texas Instruments

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Texas Instruments is back near its highs from almost a year ago, and traders are looking for another pop by the end of this week.

Nearly 4,000 Weekly 33 calls traded in a strong buying pattern on Friday as premiums rose from $0.55 to $0.83 while the share price climbed throughout the session, according to optionMONSTER's Heat Seeker system. These are clearly new positions, as open interest in the strike was a mere 22 contracts before the day's trading began.

These in-the-money calls, which lock in the price where shares can be bought, are betting that TXN will rise by Friday's expiration. But because of their short lifespan, these options will quickly lose value if the shares don't move fast. (See our Education section)

TXN rose 1.93 percent to $33.72 on Friday. The chip maker beat earnings and revenue expectations in its fourth-quarter report on Jan. 22 , but guidance for the current quarter came in below analysts' forecasts. Shares slipped after that release but bounced a few days later and are now not far from their 52-week high of $34.24 reached last March.

The company is facing a busy schedule, presenting at the Stifel Nicolaus Technology Conference on Wednesday and at the Goldman Sachs Technology and Internet Conference a week after that.

Total option volume in the name was 23,992 contracts on Friday, more than triple its daily average for the last month. Calls at all strikes outnumbered puts by more than 3.5 to 1.

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