Vringo, Inc.(NYSEAMEX:VRNG) shares have been popping up since yesterday and made an all time high of $5.55 this morning after a U.S. court rejected Google (NASDAQ:GOOG)’s appeal for summary on the ongoing case with Google, valuing at around $700 million.
"Having carefully reviewed the parties' pleadings, the court finds that summary judgment is inappropriate at this time as there are genuine issues of material fact in dispute," U.S. District Judge Raymond Jackson said in his order.
The recent rally has attracted several derivative traders with huge call buying are seeing for the latest month as well as far month.
Will VRNG Hit $10 Before The case Date? Find Out here
$6 Call for Oct 12 is the most active with more than 6,641 has been traded for the day at an average premium price of $0.70 a piece, signaling buyers are expecting the stock to go above $6.70 within a week. Open interest is at 3,495.
$5 Call for Oct 12 is another active contract for the current month’s contract with more than 5,481 contracts have changed hands and open interest at 5,698.
Call activities for the month of November is also solid with 4,804 contracts have been traded at a premium price of $1.85 and open interest of 21,378.
There is something interesting, more than 2,738 contracts have taken place at a strike price of $7.50 at a premium of $1.15, signaling the stock go move up above $8.65 by Nov 12.
Regarding the selling activities, Put is less active as it seems that investors are very bullish about the upcoming court ruling.