Cisco Systems Sees $2.4M in Unusual Call Activity as Stock Pulls Back to $107.96

By TrendSpider Editor

Cisco Systems is drawing attention in the options market Thursday, with two unusual call contracts generating a combined $2,401,740 in total premium even as shares dip 1.34% to $107.96. Both contracts are out of the money and bullish in nature, suggesting traders are positioning for upside despite t

Cisco Systems Sees $2.4M in Unusual Call Activity as Stock Pulls Back to $107.96

Cisco Systems is drawing attention in the options market Thursday, with two unusual call contracts generating a combined $2,401,740 in total premium even as shares dip 1.34% to $107.96. Both contracts are out of the money and bullish in nature, suggesting traders are positioning for upside despite the session's weakness. With a 52-week range of $66.13 to $130.3656, CSCO is trading in the upper half of its annual range, and the options activity signals some participants are betting on a continued push toward the highs.

Key Drivers of the CSCO Stock Move

• Main Catalyst: Two unusual call contracts hit the tape Thursday, totaling $2,401,740 in combined premium. A near-term call at the $119 strike expiring October 9, 2026 printed 820 contracts at 845% of open interest, while a longer-dated call at the $130 strike expiring June 16, 2028 printed 1,500 contracts at 295% of open interest.
• Bull Case: Both contracts are calls, meaning options traders are making directional bets on higher prices. The $130 strike on the June 2028 contract matches the 52-week high of $130.3656, implying at least some market participants see that ceiling as a future floor over a longer horizon. The sheer size of the $2,355,000 premium on the 2028 contract reflects high-conviction positioning.
• Bear Case: Both contracts are currently out of the money, meaning CSCO would need to rally meaningfully from $107.96 to make them profitable at expiration. The 1.34% decline in today's session runs counter to the bullish options narrative, and a failure to reclaim momentum could render the near-term $119 strike call worthless by its October 9, 2026 expiration, just four weeks away.

The broader setup for CSCO heading into the fall is worth watching closely. The near-term $119 call expiring in roughly four weeks demands a move of more than 10% from current levels in a short window, which is an aggressive target even for a large-cap technology name. The longer-dated 2028 call gives traders far more runway to be right. Cisco has remained a focal point in the enterprise networking and AI infrastructure conversation, and any product announcements or demand signals from its customer base could serve as a near-term catalyst. Traders will want to monitor whether the unusual options flow is the start of a broader accumulation pattern or an isolated speculative bet.

CSCO Unusual Options Activity

• Contract 1: Call | Strike: $119 | Expiry: October 9, 2026 | Volume: 820 | Open Interest: 845% (OTM)
• Contract 2: Call | Strike: $130 | Expiry: June 16, 2028 | Volume: 1,500 | Open Interest: 295% (OTM)

Both contracts are calls with volume running well above existing open interest, a classic signal of fresh, directional positioning rather than hedging activity. The total unusual contract count stands at 2, with all $2,401,740 in premium concentrated on the bullish side.

CSCO Seasonality

September has historically been a mixed month for large-cap technology stocks, often marked by end-of-quarter repositioning and sector rotation. The near-term October 9 expiration places this call squarely in a window when Cisco could be approaching its next quarterly earnings cycle, which could serve as a natural catalyst for a volatility event either way.

CSCO Relative Performance

CSCO is down 1.34% on the session to $107.96, which places it in the upper portion of its 52-week range between $66.13 and $130.3656. The stock has more than doubled off its 52-week low, a strong run for a mature large-cap networking name, though today's softness suggests some near-term selling pressure is present even as options traders position for further upside.