Petrohawk Energy Corp. (NYSE:HK) – Bullish options investors greeted the current trading session with a renewed sense of optimism on independent oil and gas exploration company Petrohawk Energy Corp., as shares its shares rebounded from declines experienced during the previous session to stand 3.50% higher at $20.27. Optimistic traders purchased debit call spreads in the June contract to position for continued bullish movement in the price of the underlying shares through expiration. Early morning movers picked up 8,000 calls at the June $21 strike for a premium of $1.25 apiece, spread against the sale of 8,000 calls at the higher June $25 strike for $0.30 each. Net premium paid for the bull call spread amounts to $0.95 per contract. Investors stand ready to accrue maximum potential profits of $3.05 per contract if Petrohawk’s share price increases 23.33% over the current value of the stock to $25.00 by June expiration day.

Titanium Metals Corp. (NYSE:TIE) – Call options on the producer of titanium sponge, melted products, and various mill products for commercial aerospace, military and industrial applications, are flying off the shelves this morning. Bullish investors swarmed the options field as Titanium Metals’ shares jumped 7.6% in early trading to reach a new 52-week high of $16.03. TIE’s shares tapered off slightly, but are still up 6.85% to $15.92 as of 10:45 am (ET). Options players purchased at least 12,800 call options at the April $16 strike for an average premium of $0.52 per contract. Investors holding these contracts stand ready to amass profits if TIE’s share price rallies another 3.75% to breach the breakeven point at $16.52 by April expiration. Optimistic individuals also picked up 1,100 calls at the higher April $17.5 strike for an average premium of $0.21 each. Uber-bulls long the higher-strike calls profit if the titanium producer’s shares surge 11.25% to surpass the effective breakeven price of $17.71 by expiration day. Options implied volatility on Titanium Metals Corp. is up 7.4% to 46.40% as of 10:50 am (ET).

Lexmark International, Inc. (NYSE:LXK) - Shares of the manufacturer of printing and imaging products are trading 2.20% higher this morning to $35.66. The rally in the price of the underlying stock inspired bullish options trading activity in the April contract. Investors breakfasted on 2,400 in-the-money calls at the April $35 strike for which they paid a net premium of $1.35 apiece. Call buying continued at the higher April $40 strike where 3,000 contracts were coveted for a premium of $0.21 each. In-the-money call buyers realize profits if Lexmark’s shares surpass the breakeven price of $36.35 ahead of expiration day. Bullish traders long the April $40 strike calls profit only if LXK shares surge 12.75% from the current price to surpass the effective breakeven price of $40.21 by April expiration. The increase in demand for call options on the printing products maker boosted the stock’s reading of overall options implied volatility 4.7% to 36.65% in the first half of the trading session.

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