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Call buyers take front-row seat at IMAX

Bullish traders are looking forward to coming attractions in IMAX as shares of the theater-technology company hover near two-year highs.

More than 1,600 June 29 calls traded in a strong buying pattern on Friday, with most of them going for $0.60. The volume was more than triple the strike's open interest of 514 contracts before the session began, indicating new activity.

These call buyers are looking for the stock to rise above $29.60 before the contracts expire in five weeks. The options lock in the price where the stock can be purchased no matter how far it might rise, but they could expire worthless if shares remain below the $29 strike price. (See our Education section)

IMAX rose 0.71 percent to $28.21 on Friday after peaking at $28.73 two sessions earlier, its highest price since July 2011. Shares dropped sharply after the company's first-quarter report on April 25 but regained all that ground with the blockbuster opening of "Iron Man 3" only a week later.

Management is scheduled to present at the Stifel Nicolaus Internet, Media & Telecom Conference tomorrow and at the Barclays Global Technology, Media and Telecommunications Conference on Thursday.

Total calls in the name outnumbered puts by a bullish 21-to-1 ratio on Friday.

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