Juniper Networks (NYSE:JNPR) Benefits from Cisco's (NASDAQ:CSCO) Plunge

Options traders were scrambling in a variety of strategies as they attempted to figure out the best way to play Cisco (NASDAQ:CSCO) after their dismal quarterly results.

But that isn't the case with Juniper Networks (NYSE:JNPR), where their was very little ambiguity, as traders were bullish on the stock, with option volume skyrocketing over seven times the daily average.

The reasoning is the performance of Cisco revealed Juniper is in fact gaining share in the high-end network-switching market. That was also reflected in their earnings report in January.

Traders most bullish on Juniper zeroed in on $45 calls which would be "in the money" if the share price continues to go up into April.

The last time Juniper had this much option volume was in July 2009.

Juniper closed Thursday at $43.40, gaining $3.07, or 7.61 percent. Cisco closed at $18.92, falling $3.12, or 14.16 percent.