Lumen Technologies (LUMN) saw its stock price surge 8.87% on November 4th, driven by heavy bullish activity in the options market. According to reports, LUMN experienced significantly higher than normal call option trading volume, with 14,842 call contracts changing hands - more than double the expected level.

The surge in call option demand indicates investors are betting on further upside in LUMN shares in the near future. Call options give the holder the right, but not obligation, to purchase a stock at a predetermined price. Increased call buying is often interpreted as a bullish signal, as investors position themselves to profit from an anticipated stock rally.

Along with the heightened options activity, LUMN's implied volatility levels spiked nearly 3 points to 105%, suggesting traders foresee bigger price swings in the telecommunications company's shares. The combination of elevated call volume and rising implied volatility points to growing optimism surrounding LUMN's prospects among options traders.