By David Russell
LSI (NASDAQ:LSI-OLD) has been struggling along with other semiconductor stocks, and investors are betting against a turnaround anytime soon.
optionMONSTER's tracking systems detected heavy selling of the April 4 calls for $0.65 and of the April 5 calls for $0.20. Volume exceeded 15,000 contracts in both strikes and is almost 5 times greater than average in the name overall today.
LSI is down 0.46 percent to $4.36 in afternoon trading and is down 34 percent in the last six months. Its last earnings were in line with estimates the last time it reported results on July 28, but revenue was light and management said its "outlook for the third quarter is one of tempered optimism."
The shares gapped lower on that news and have been trapped below $4.50 ever since. Another blow to the semiconductor industry came on Aug. 27 when bellwether Intel cut its guidance because of weak PC demand.
Disclosure: No positions