<b>* UPDATE</b> ASF is trading 26.60, up 20% ($4.46) on earnings released this morning. <img src="http://1.bp.blogspot.com/_hMry1m7UF10/S97ZFhOOMsI/AAAAAAAACLA/vkKsFCHFinA/s1600/asf_summary_2.gif"> I first wrote about ASF on Tuesday of last week as a call buyer "snuck" in with small orders but several times. You can read the first blog here below. <b>The first blog: <a href="http://livevol.blogspot.com/2010/04/asf.html">Click Here ("Sneaky Call Buyer")</a></b> The May 25 calls were the action, about 4,500 were purchased for $0.45. The Options Tab snap is included (in the article). You can see the May 25 calls are now worth $1.90. That's 4500x100x($1.90-$0.45) = $834,750 dollar win on a ~$200,000 bet. One more interesting note: The Charts Tab (6 months) is below (in the article). The top portion is the stock price, the bottom is the vol (IV30™ - red vs HV20™ - blue). The yellow shaded area at the very bottom is the IV30™ vs. the HV20™ vol difference. You can see for the last two consecutive earnings this stock has gapped considerably (-25% two cycles ago, and +20% this time). It might be time to write this one down and see if the order flow gives a similar tip next time. This is trade analysis, not a recommendation. Details, trades, vols, skews, charts here: http://livevol.blogspot.com/2010/05/asf.html