Options Trader Sees Intel Shares Surging This Much By December Expiration

Intel Corporation INTC shares closed lower on Wednesday after falling more than 4% on Tuesday. This week's Innovation event appears to be the main driving force.

On CNBC’s "Options Action," Kevin Kelly of Kelly Intelligence said there were 1.3x the amount of calls versus puts in Intel on Wednesday.

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There were buyers of more than 18,000 of the Dec. 15 $38-calls at an average price of $1.23 cents per contract, Kelly mentioned.

Trader sees Intel’s shares surging around 10% by December expiration.

Intel held its Innovation 2023 event on Tuesday, centered around artificial intelligence (AI). The company said its technology plans remain on track and dubbed the AI market the "Siliconomy."

Price Action: Intel shares fell 4.5% to close at $34.69 on Wednesday, and lost another 0.4% in today’s pre-market trading session. The company’s shares lost more than 10% over the previous week.

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