Dell Technologies Inc (NYSE:DELL) is trying to keep the tech sector afloat today, last seen up 1.9% to trade at $148.53 after the company hiked its long-term revenue and profit growth forecasts. CEO Michael Dell cited the rabid demand for AI as a the catalyst for the upbeat guidance.
DELL earlier hit an annual high of $154.70 before paring those gains. The shares are now up 29.2% year to date, and are testing the upper rung of an uptrend channel stemming from their April lows at $66.
Options traders are ramping up their bullish exposure today. At last check, 26,000 calls have changed hands, volume that's double the average intraday amount and nearly triple the amount of puts exchanged. The weekly 10/10 155-strike call is the most popular, while there are new positions being bought to open at the December 180 call.
These bullish tendencies toward the tech stock have been the norm. Over at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have bought to open 20,001 calls in the past two weeks, compared to 9,607 puts.
