BBY – Best Buy Co. – Contrarian options players are taking advantage of the more than 6.5% decline in Best Buy’s shares to $38.37 today by initiating near-term bullish transactions in the June contract. Shares of the world’s largest consumer-electronics retailer fell as much as 7.6% to touch down at an intraday low of $37.93 after the firm reported weaker-than-expected first-quarter profits of $0.36 a share, which underwhelmed analysts expecting average net income of $0.50 a share for the quarter. Best Buy bulls expecting the electronics retailer’s shares to rebound purchased 1,100 calls at the June $39 strike at an average premium of $0.54 apiece. Shares of the underlying stock must rally 3.05% from the current price of $38.37 before June $39 strike call buyers start to make money above the average breakeven point at $39.54. Buying interest spread to the higher June $40 strike where 2,300 calls were coveted for an average premium of $0.25 per contract. Investors long the calls profit if BBY’s shares surge 4.9% to trade above the average breakeven price of $40.25 by June expiration on Friday. Other optimistic investors engaged in put selling to take advantage of richer available premium. Bulls shed 3,600 puts at the June $38 strike to pocket an average premium of $0.53 per contract. Put sellers at this strike keep the full premium received on the transaction as long as BBY’s shares exceed $38.00 through expiration day. Put selling also took place at the lower June $37 strike where approximately 1,300 lots were sold at an average premium of $0.33 each. The overall reading of options implied volatility on Best Buy Co. plunged 19.2% to 36.75% following first-quarter earnings.