Calls bought on Baidu

Shares of Baidu Inc.

, China’s favorite search engine, are climbing higher this morning to $73.49, up 2.90% on the session and call buyers are coming for options in the name right out of the gate. The most notable action is the May $80 call, which was bought nearly 3,000 times, exceeding open interest of 1,612 contracts. Action on the May $70, $74, and $75 call strikes is also showing bullishness buying. Baidu’s chart is technically flawless, with higher highs and higher lows. It is trading above both the 50-day and 200-day moving average. The stock is hitting a new 52-week high this morning as well.