HGG – HHGregg, Inc. – Shares of the specialty retailer of consumer electronics, home appliances and related services increased as much as 19.3% at the start of the trading session to grab hold of an intraday high of $25.42. HHGregg’s shares were unable to hold onto the majority of the initial rally, but are still up 6.6% at $22.71 as of 2:15 pm ET. The price of the underlying stock jumped after the firm announced better-than-expected sales and profits for the first quarter. HGG earned $0.07 a share, which is more than twice the consensus forecast of $0.03 per share. Investors expecting HHGregg’s shares to surpass the intraday high of $25.42 by September expiration purchased call options on the stock. Bulls picked up approximately 1,200 calls at the September $25 strike for an average premium of $1.08 a-pop. Call buyers make money if HGG’s shares surge 14.8% over the current price of $22.71 to exceed the average breakeven point to the upside at $26.08 by expiration day next month. Approximately 1,958 calls changed hands at the September $25 strike today versus previously existing open interest at that strike of just 2 contracts. The regional U.S. electronics retailer’s shares last traded above $26.08 back on June 28, 2010.