$MRVL calls double overnight

Option traders racked up large gains today on bullish positions opened only one session earlier.

Just yesterday, Investitute’s tracking systems found that 2,800 Weekly $22.50 calls expiring on May 3 were bought for $0.28 to $0.31 above open interest of 5 contracts with shares at $21.39. Investitute co-founder Pete Najarian cited the unusual activity at that time on CNBC’s “Halftime Report.”

Those calls traded for as much as $0.67 today, more than twice their purchase prices. The stock rose 4.49% at the same time, showing how quickly options can far outperform their underlying shares.

It is the second winning trade in the name posted on Investitute in as many days.

MRVL continued higher for a sixth consecutive session to close at $22.34 today, up 2.9%. The chip company has rallied sharply this year along with other semiconductor stocks.