National Semi (NSM, news, chart, volatility) is down 18 cents to $9.91 and more than 4,000 May 10 calls have traded. 86 percent hitting at the offer and ISEE sentiment data suggests more than 90 percent opening customer buy orders.
 

Additional color from Registered User LJ24

National Semi (NSM) May $10 calls have traded 4093 contracts against OI of 3646, with almost all the action at the offer, new buys coming in. NSM has earnings on 3/2/09. Shares have formed a very nice bottom at $9.40 in a descending triangle pattern. NSM is also often mentioned as a takeover candidate, and with $3.43 per share in cash on the books, and trading at just $9.80, it is an attractive company. The semiconductors (SMH) ETF is beginning to show signs that a bottom was made in December.