As noted in Sentiment Snapshot a couple of days ago, bearish option speculators were honing in on Energy Conversion Devices (ENER: sentiment, chart, options) ahead of the company's earnings report. However, since the company's earnings release, it seems that call buyers are taking the reins. Yesterday on the CBOE, ENER saw more than 5,000 calls bought to open, compared to fewer than 2,400 puts, for a single-day call/put ratio of 2.0.

Digging into the earnings news, the solar sultan reported fourth-quarter income of $9.9 million, or 24 cents per share, compared to a loss of $13.1 million, or 33 cents per share, a year ago. Meanwhile, revenue more than doubled to $82.4 million, compared to sales of $36 million a year prior. However, while the figures exceeded the Street's expectations, the stock backpedaled in the wake of its gross-margin outlook for the forthcoming quarter.

Analysts' response to the news was mixed, with Piper Jaffray downgrading the security to "buy" from "neutral." Meanwhile, Jefferies upped its price target on the equity to $96 from $57, while Broadpoint increased its price target to $89 from $80.