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Smart money makes 'stupid' trade on Microsoft

The smart money is piling into Microsoft ahead of earnings.

Microsoft shares are up more than 19 percent since its Aug. 24 low, and now one trader is betting that the stock could hit a fresh multiyear high by the end of the month.

On Monday, in a colorful strategy that options traders refer to as a "call stupid," one trader bet $2 million that Microsoft could soar above $50 by the end of next week. This is a bullish strategy in which a trader will gain exposure to a stock by getting long two separate options strikes of...