Bullish Pre-Earnings Option Play in Polycom

Polycom PLCM will release its second-quarter earnings results after the close Tuesday. It looks like at least one investor is placing a bet that the stock will trade above $10.55, or nearly 15% higher, in the coming days. A multi-exchange sweep of 2,000 contracts traded on the offer of $0.55 and easily surpassed current open interest suggesting an opening transaction. This activity has pushed total contract volume in the communications equipment provider to more tha 3 times its daily average.