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Traders are treating this legacy tech giant like the next 'meme' stock
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- Shares are up 15% in the past month and options bulls are piling in, with more than 75,000 calls traded by noon central time Friday, compared to 16,000 puts.
- The shares were ticking higher Monday in a tough tape.
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Options traders might have found a new big-tech favorite ahead of this week's earnings: legacy networking giant Cisco, a stock that's undergone a years-long pivot to software and cloud-based AI technology and is now surging into its Wednesday report.
Shares are up 15% in the past month and options bulls are piling in, with more than 75,000 calls traded by noon central time Friday, compared to 16,000 puts. More than twice as many calls traded at the ask or above than at the bid, meaning traders were buying upside exposure.
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