Call Buyers are Staying Tuned to CBS

Traders are hoping for more good news when CBS reports earnings tomorrow morning.

optionMONSTER’s Heat Seeker monitoring system detected the purchase of about 14,000 August 55 calls, most of which priced for $0.60 and $0.65. Volume exceeded open interest of 9,891 contracts, indicating that new money was put to work.

These long calls lock in the price where shares can be purchased in the media company. Its all-time peak in 2000 was near $55, which could make some chart watchers expect a big move if that resistance level is surpassed.

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