Sandisk (SNDK 14.57) traded 24 million shares today, after 48 million shares yesterday. The Sept 15 calls closed at $1.15. It's a cheap way to play the recovery in flash.
And with the amount of cash on SNDK's balance sheet, it's also a cheap enough stock that someone could start a buyout rumour.
And with the strength tonight in BIDU, AMZN and QCOM, NASDAQ shorts may be getting nervous.
There's 20 million of them in SNDK.
The call is worth the price of admission.