Sohu.com Inc. (SOHU - 60.92) stepped into the earnings confessional before the bell this morning. SOHU said its third-quarter profit arrived at $46.8 million, or $1.17 per share, up 14% on a year-over-year basis from $41 million, or $1.01 per share. Revenue was on the rise, also, jumping 42% to $232.9 million. SOHU barely missed the bottom-line estimate, as analysts had been projecting earnings of $1.18 per share on $228.3 million in revenue.

The company credited strong advertising, as well as revenue growth from its online gaming unit, Changyou.com (CYOU), for the increase in profit.

From a sentiment perspective, there is certainly a bullish bias toward the gaming concern. Data gathered from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) confirms that during the course of Friday's session, speculators bought to open 2,674 calls on SOHU, compared to 526 puts. This brings the stock's single-day ISE/CBOE/PHLX call/put volume ratio to a respectable 5.08.

Furthermore, SOHU's 10-day ISE/CBOE/PHLX call/put volume ratio stands at 4.48 -- showing that calls have been bought to open over four times as often as puts during the last two weeks. This ratio ranks higher than 80% of similar readings taken over the past year. Simply put, traders are picking up bullish over bearish bets at an accelerated pace.

Likewise, the equity's Schaeffer's put/call open interest ratio (SOIR) rests at 0.66. This ratio ranks in the 32nd percentile of its annual range. In other words, short-term option players are more optimistically aligned than usual toward the stock.

This bullish bias has continued into today's session, as well, with calls trading at four times the average daily pace. Option players are focusing the majority of their attention on the front-month November 75 call. Nearly all of the contracts on this deep out-of-the-money strike are being acquired at the ask price, and volume is outstripping open interest -- indicating new positions are being bought to open. However, with 11.4% of SOHU's float sold short, some of these calls may simply be hedging vehicles for the bears.

SOHU has struggled on the charts during the second half of 2011. After tagging an all-time high of $109.37 at the end of April, the security has been in a downward trajectory. In addition, the equity has given back all of its year-to-date gains today, with SOHU sitting on a loss of 12% at last check.