Calls Bought on Novellus (NVLS)

Shares of Novellus Systems, Inc. NVLS are higher on the session by 3.81%, currently trading at $26.43. The stock has been moving largely higher over the past few weeks, though remains in a general, sideways pattern. Options traders are buying calls on NVLS today, though, betting that shares could break higher. A short while ago the November $26.00 and $27.00 calls were both purchased over 2,000 times, on the offer. Volume exceeded open interest on the $27.00 strike, though not on the $26.00 strike. Call volume is running at 4.5x the daily average with 96% of all calls traded being purchases on the offer. Novellus Systems, Inc. develops, manufactures, sells and supports equipment used in the fabrication of integrated circuits, which are called chips or semiconductors. Customers manufacture chips for sale or for incorporation in their own products, or provide chip-manufacturing services to third parties. Novellus Systems, Inc., also develops, manufactures, sells and supports grinding, lapping and polishing equipment for a range of industrial applications. The company operates in two segments: the Semiconductor Group and the Industrial Applications Group. For more great research like this, as well as how to play it through options…please visit Benzinga's Options & Volatility Edge and Benzinga's Cash Generator.