Raytheon announced this morning plans to acquire Oakley Networks, a privately held developer of cyber-security technology. Financial terms weren't disclosed. RTN stated that the acquisition will complement its software systems integration expertise, allowing the company to provide robust information security products. Oakley Networks has 200 employees, while RTN employs 73,000 worldwide.

The shares of RTN have gained 0.4% today and tagged a new annual high of $63.37. In fact, the security is trading at its highest level since September 1999. The stock has been in a stellar uptrend since November 2005, climbing along its 10-week and 20-week moving averages.

However, options players are trying to call a top to the security's ascent. The Schaeffer's put/call open interest ratio of 0.56 is higher than 93% of all those taken during the past 52 weeks. This combination of strong technicals and lingering pessimism has bearish implications from a contrarian perspective.