Over 5,200 option contracts have traded today on total daily average volume of 251. The day's biggest trades illustrate the action. Someone bought Jan 55 Calls and Sold Jan 50 puts for even (.0.60 vs. 0.60). The OI (open interest) is small relative to the trade sizes - these are mostly opening orders. This trade is called a risk reversal or more affectionately on the floor as a "risky." This trade is essentially vega neutral. The chart illustrates the divergence between IV30(red line) and HV30(blue line). A vol increase into earnings is common for most stocks. This is a big bullish trade right into earnings. See details, trades, prices, charts on my blog: http://livevol.blogspot.com/2010/01/gpn-is-3.html