Investors taking bullish rather than protective positions on the stock are hoping to see the price of the underlying jump ahead of June expiration.

FORBES: Bulls Speculate On Cree Ahead Of Earnings

McCaw caved quickly but wrote a protective clause into his deal with Sprint that he would participate in any higher price eventually paid to other shareholders whenever that time came.

FORBES: Clearwire Back In Softbank/Sprint Nextel's Crosshairs