wanted to buy feb 12 OTM puts as a earnings disappointment play but they are EXPENSIVE!! 200+% IV on puts with 3 days of life.
oh ya i'm sure the IV is astronomical. There's your price hike (which you know of course since you pointed it out) but I guess about what you could expect on a stock like GRPN at the moment.
Earnings plays with long options are really tough when IV has expandaed. 200+ % is a sucker's play AFAIK, volatility plays would make more sense if one was inclined to roll that die.