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Large bull shopping at Fifth & Pacific

Mike Yamamoto (mike.yamamoto@optionmonster.com)

Fifth & Pacific has joined the parade of names hitting new highs today, and one large trader is looking for even more upside in the apparel company.

More than 5,000 April 19 calls have been purchased today, led by two prints of 2,500 and 2,008 that went for the ask price of $0.90, according to optionMONSTER's Heat Seeker tracking system. The volume is 9 times higher than the strike's previous open interest of just 566 contracts, indicating fresh buying.

FNP is up fractionally at $18.53 after peaking at $19 this morning, its highest price since September 2008. The company, whose brands include Kate Spade and Joucy Couture, has continued to climb despite issuing lackluster numbers in its last quarterly report on Feb. 21.

Today's long calls , which lock in the purchase price for the stock regardless of how high it might rise, is looking for FNP to gain roughly 7 percent or more by mid-April. These options could be sold before then if their value rises with any rally, but they will expire worthless if shares remain below the $19 strike price. (See our Education section)

The call buying has made up almost all of the 5,522 total options that have traded in the name today. The overall volume is already more than triple its full-session average for the last month, with only 33 puts changing hands so far.

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