JNPR – Juniper Networks, Inc. – Options investors populating the provider of telecommunications equipment and services are establishing both bullish and bearish strategies on the stock, although the price of the underlying stock is up 3.8% this afternoon to stand at $23.88 as of 12:50 pm (ET). Optimistic individuals placed near-term bullish bets on Juniper, purchasing 1,700 calls at the July $25 strike for an average premium of $0.37 per contract. Call buyers are poised to profit should Juniper Networks’ shares rally more than 6.2% over the current price of $23.88 to trade above the average breakeven point to the upside at $25.37 by July expiration day. Other traders, nervous the stock could head south by expiration day in August, picked up approximately 5,400 in-the-money puts at the August $24 strike for an average premium of $1.57 apiece. These put contracts yield profits to investors if JNPR’s shares decline 6.00% to breach the average breakeven price to the downside at $22.43 by August expiration. Juniper Networks reports second-quarter earnings on July 20, which is four days after July contract options expire. Thus, the put buying interest in the August contract could be the work of investors getting long protective puts in case Juniper’s results are disappointing. Demand for put options on the stock today could also have been inspired by traders still smarting from the 8.8% decline in JNPR shares from this week’s high of $24.40 on Monday to Thursday’s intraday low of $22.25. Options traders exchanged more than 16,160 contracts on Juniper Networks, Inc. by 1:05 pm (ET).