FLEX – Flextronics International, Ltd. – The provider of electronics manufacturing services to original equipment manufacturers of a range of products in a variety of industries popped up on our ‘hot by options volume’ market scanner in the first half of the trading session due to frenzied call buying activity in the January 2011 contract. Flextronics’ shares are currently up more than 4.7% to arrive at $6.44 by 11:30 am (ET). Shares are up sharply one day after the firm was rated new ‘buy’ with a 12-month target share price of $9.00 at Stifel Nicolaus, and two trading days after FLEX was rated new ‘overweight’ with a 6-month target share price of $7.00 at JPMorgan. Long-term bullish traders positioning for Flextronics’ shares to appreciate significantly by expiration in January 2011 scooped up approximately 6,500 calls at the January 2011 $7.5 strike for an average premium of $0.48 per contract. Investors long the calls make money if, by expiration, FLEX’s shares rally more than 23.9% to surpass the average breakeven point at $7.98. The sharp increase in demand for call options on the stock lifted the overall reading of options implied volatility on FLEX 11.6% to 47.39% by 11:40 am (ET).