Options Action Explodes in SanDisk

Flash memory maker, SanDisk (NASDAQ: SNDK), is seeing a large volume of call trading this morning across many strikes. The Feb and March 25, 26, and 27 strikes calls have each traded over 3,300 times, nearly all purchases; the July 27 calls were also purchased 1,000 times. The vast majority of this action is above open interest.

SanDisk is currently trading $26.53, up 0.61% on the day. The chart looks quite bearish in the name and it is barely holding onto the 50-day moving average, so this action is certainly raising eyebrows.