Huge Call Volume on GigaMedia (GIGM)

Shares of GigaMedia Limited GIGM are higher on the session by 11.74%, currently trading at $2.19. The stock has been moving largely lower over the past five months, off from recent highs near $3.25. The stock is popping today and seeing selling pressure right at the 50-day moving average. Options traders are buying calls on the name today. The October $2.00 call was purchased over 19,000 times, on the offer, earlier in the session; open interest on the strike is only 5,433 contracts. This indicates new positioning on the strike. Call volume is now running at 16.67x the daily average. GIGM is scheduled to report earnings August 26th, before the opening bell. GigaMedia Limited is a provider of online entertainment software and services. The company conducts its online entertainment business in two business segments: gaming software and service business, which develops and licenses software for online gaming solutions and applications, and online game and service business, which operates play-for-fun games online.