Upside Purchased on Flextronics International (FLEX)

Shares of Flextronics International ltd (NASDAQ: FLEX) are higher on the session by 5.20%, currently trading at $6.47. The stock has been trading largely lower over the past three months, though it has been catching a bid this week and is now trading right on the 50-day moving average. Options traders are buying calls on the name today, though it seems likely that this is a hedge to short shares. The January 2011 $7.50 call was purchased 13,000 times, on the offer, on open interest of 8,498 contracts. Call volume is now running at 27.34x the daily average. Flextronics International Ltd. is a provider of vertically-integrated advanced design and electronics manufacturing services to original equipment manufacturers. It provides these services to various markets, which include infrastructure, mobile communication devices, computing, consumer digital devices, industrial, semiconductor capital equipment, clean technology, aerospace and defense, and white goods, automotive and marine and medical devices.