Investors are piling into semiconductor company Advanced Micro Devices (AMD)'s 24-day out call options today. That could mean they are bullish on AMD stock ahead of earnings in early August. Based on analysts' revenue forecasts and its strong free cash flow (FCF), these AMD call options might end up with good intrinsic value.
AMD is up over 7% in midday trading today at $577.79. Since its last quarterly report on May 5 ($355.26), AMD is up over 62%. That could be why investors are so enamoured with AMD call options today.