NOK – Nokia Corporation – Bullish action in Nokia LEAPS pushed the mobile communications company onto our scanners this afternoon. Nokia’s shares ticked up 1.25% to $8.93 by 2:40 pm (ET). Investors expecting the price of the underlying stock to appreciate significantly by expiration in January 2012 purchased debit call spreads. Traders purchased 7,000 in-the-money calls at the January 2012 $7.5 strike for an average premium of $2.72 each, and sold the same number of calls at the higher January 2012 $12.5 strike for an average premium of $0.82 a-pop. Investors paid an average net cost of $1.90 per contract for the transaction and are poised to profit should Nokia’s shares rally 5.25% over the current price to surpass the average breakeven point on the spread at $9.40 by expiration day. Call spreaders are positioned to accrue maximum potential profits of $3.10 per contract as long as NOK shares jump 40.00% to exceed $12.50 by expiration in January 2012. Nokia is scheduled to report second-quarter earnings ahead of the opening bell on Thursday.