HOG – Harley-Davidson, Inc. – The motorcycle maker’s shares are up 2.1% as of 11:40 am ET, but earlier surged 3.00% to an intraday high of $28.29. Recovery in Harley’s shares spurred bullish investors to action and inspired increased demand for HOG-calls. Options traders exchanged more than 9.8 calls on the stock for each single put option in action thus far in the trading session. Bulls scooped up approximately 2,800 now in-the-money calls at the September $28 strike for an average premium of $0.28 apiece. Investors long the calls make money as long as Harley-Davidson’s shares exceed the average breakeven price of $28.28 at expiration on Friday. Optimism spread to the October $29 strike where some 1,300 calls were coveted at an average premium of $0.70 a-pop. HOG’s shares must increase another 5.00% in order to surpass the $29.70 average breakeven point faced by October $29 strike call buyers. Another 1,500 call options were picked up at the higher October $30 strike by traders willing to shell out an average premium of $0.43 per contract. These investors stand ready to amass profits should HOG’s shares jump 7.55% over today’s high of $28.29 to rally above the effective breakeven price of $30.43 by October expiration day. Finally, traders doubting the motorcycle company’s shares will rally above $31.00 in the next month shed roughly 1,500 calls at the October $31 strike to pocket an average premium of $0.27 apiece. Call sellers keep the premium received as long as shares fail to rally above $31.00 by October expiration. But, if these are uncovered short call stances, investors could incur losses if HOG’s shares trade above the average breakeven point to the upside at $31.27 by expiration day next month.