HPQ – Hewlett-Packard Company – One optimistic strategist initiated a sizeable three-legged bullish options combination play on the world’s largest computer maker in early morning trading to position for the price of the underlying shares to rise by January 2011 expiration. HPQ’s shares are currently up 2.00% at $42.46 as of 11:40 am ET. Shares rallied as much as 2.6% earlier in the session to touch an intraday high of $42.69 after the firm forecast earnings and sales for 2011 that surpassed analysts’ estimates. The computer manufacturer predicts it will earn $5.05 to $5.15 a share on revenue of $131.5 billion to $133.5 billion for fiscal 2011. Hewlett-Packard has yet to announce a new CEO to fill Mark Hurd’s vacated position. The medium-term bullish options player prepared for an HPQ-rally by purchasing 13,545 calls at the January 2011 $42 strike at a premium of $2.97 each, selling the same number of calls at the higher January 2011 $48 strike for a premium of $0.80 apiece, and shedding 13,545 puts at the January 2011 $37 strike at a premium of $0.97 a-pop. Net premium paid to establish the bullish strategy amounts to $1.20 per contract. Thus, the trader stands ready to make money if HPQ’s shares rally above the effective breakeven price of $43.20 by expiration. Maximum potential profits of $4.80 per contract are available to the investor should shares surge 13.05% over the current price of $42.46 to trade above $48.00 by expiration day next January. The tech-giant’s shares last exceeded $48.00 back on June 21, 2010.