WFT – Weatherford International Ltd. – Shares of the provider of equipment and services used for the drilling, completion and production of oil and natural gas wells increased as much as 6.50% during the session to secure an intraday high of $16.04. Weatherford’s shares are currently up 3.80% to stand at $15.63 as of 2:20 pm (ET). Options on the oil services firm are trading most heavily in the August contract following second-quarter earnings released this morning. Weatherford reported earnings of $0.11 per share, excluding certain items, which exceeded average analyst expectations of $0.07 a share. Notable call buying took place in the August contract, but one bullish player with a longer-term optimistic view of WFT purchased a plain-vanilla debit call spread in the November contract. The trader picked up 2,000 calls at the November $16 strike for an average premium of $1.42 each, and sold the same number of calls at the higher November $19 strike for $0.40 in premium apiece. Net premium paid to initiate the transaction amounts to $1.02 per contract. The call spreader is prepared to make money as long as Weatherford’s shares rally 8.9% over the current price of $15.63 to surpass the average breakeven point at $17.02 by expiration day. Maximum potential profits of $1.98 per contract are available to the bullish trader should shares of the underlying stock surge 21.5% in the next several months to November expiration.