Calls Purchased on Gigamedia (GIGM)

Shares of Gigamedia LTD

are lower on the session by 0.92%, currently trading at $2.16. The stock has been selling off for the better part of three years and is in a heavy, technical downtrend. Options traders are betting that the stock could pop, though. The July $2.50 call was purchased, on the offer, 1,200 times earlier in the session; open interest on the strike is 27,981 contracts. Call volume is now running at 2.06x the daily average. GigaMedia Limited is a provider of gaming software and services to the online gaming industry, particularly the online poker and casino markets, and an operator of online games. GigaMedia operates its gaming software and services through Cambridge Entertainment Software Limited, its wholly owned subsidiary.