bouncing off support at $45 last week. Shares remain in the middle of their 52-week range.

Option volume in the name already tops 9,300 contacts this morning, compared to a daily average of 2,200. A trader bought 4,100 January 55 calls for the ask price of $0.45, less than the previous open interest of 6,990. Seconds later, the trader sold 4,100 May 57.50 calls for the bid price of $2.35 at well more than the open interest 103 contracts.

This could be a short diagonal spread, using the sale of the longer-term calls to offset the purchase of the near-term calls. But it seems more likely that this trader is rolling up and out the short-call position.

In that case, the trader then would be buying back the January calls and selling the longer-term higher strike. This may well have been done against long shares as a covered call.

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