Options trading was brisk on SLM Corporation (NYSE: SLM) on Wednesday, as more than 93,100 contracts crossed the tape. This surge in volume was nearly eight times the stock's average daily trading volume of 11,700 contracts, according to data from WhatsTrading.com. What's more, traders showed a preference for calls as 85% of the volume changed hands on the call side.

This jump in volume came as the company forecast higher earnings in 2010, boosted by lower loan loss provisions and more stable credit markets, sending its shares soaring as much as 28%. The lender estimated earnings per share would top $1.50 next year. Through the first three quarters of 2009 it lost 17 cents a share. The firm's forecast is almost 30% above analysts' estimates of earnings per share of $1.16 in 2010.

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