The company has traded over 61,000 (not a typo) options today in 4 hours versus 9,000 daily average. Basically people are getting long OTM calls in Jan and Feb for size. 15,000+ Jan 12.5 calls have traded on 9300 OI (open interest) and 13,000 Feb 12 calls have traded on just 1408 OI. You can also see the Feb 11 and Feb 13 calls traded heavily versus smaller OI. All this seems to be over some takeover speculation. I don't usually see 600% of average daily volume trade on a little unfounded "spec." This is a tough one to call - no pun intended. You can see trades, prices, details on my blog here: http://livevol.blogspot.com/2010/01/ciena-cien-takeover-spec-with-calls.html