iPhone Hype Boosts Jabil Circuit, Inc., Cirrus Logic, Inc.

Jabil Circuit, Inc. (NYSE:JBL) and Cirrus Logic, Inc. (NASDAQ:CRUS) are soaring today, thanks to tailwinds from Apple Inc. (NASDAQ:AAPL). Specifically, the iPhone 6s and 6s Plus will be released this weekend to much fanfare -- and expectations of record sales -- and the AAPL suppliers are benefiting from the buzz.

Also helping to lift JBL are stronger-than-forecast fiscal fourth-quarter earnings, an upbeat outlook, and price-target hikes at RBC and UBS. Against this backdrop, JBL and CRUS are up a respective 17% and 16% higher, and option traders are calling for even more upside.

In JBL's options pits, for example, calls are crossing the tape at 32 times what's typically seen at this point in the day -- and are outpacing puts by a nearly 6-to-1 ratio. Most active is the equity's November 23 call, where it appears new positions are being purchased. For those buying to open the options, the goal is for JBL to rally north of $23 by the close on Friday, Nov. 20 -- when the back-month options expire.

This accelerated call activity marks a change of pace in JBL's options pits -- perhaps because the stock was staring at a nearly 11% year-to-date deficit heading into today's trading. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 10-day put/call volume ratio of 0.54 ranks in the 71st annual percentile.

These bearish bettors are likely kicking rocks this morning, considering Jabil Circuit, Inc. is back in the green on a year-to-date basis, lingering near $22.84. What's more, the stock on track to close north of its 40-week moving average for the first time since late June.

CRUS, meanwhile, has seen its call volume soar to 19 times the average intraday pace. Short-term traders are calling for a bigger surge through tonight's close, with buy-to-open activity detected at the equity's weekly 9/25 28-strike call. Based on the volume-weighted average price (VWAP) of $2.01 speculators are paying for these calls, the stock has already surpassed the breakeven mark of $30.01 (strike plus VWAP).

While CRUS was boasting a 15% year-to-date lead heading into today's session, the majority of these gains came at the beginning of the year. In fact, since topping out at a two-year high of $38.20 in late May, the shares have given back 18% to trade at $31.49. What's more, today's upside is being contained by CRUS' 80-day moving average -- a trendline that put a lid on the security's late-July rally attempt.

Regardless, option traders have been switching sides in recent weeks. At the ISE, CBOE, and PHLX, Cirrus Logic, Inc.'s 10-day call/put volume ratio has jumped to 5.01 from 1.30 over the past two weeks, and now sits higher than 72% of all similar readings taken in the past year. In other words, calls have been bought to open over puts at a faster-than-usual clip.