As suspected, it was option whores selling calls to regular Joe at a premium. We should have a lot more open interests if investors were buying. I think it's time to send email to SEC before this thing gets out of hand.
there is very little premium in the options, for a stock that can be very volatile, and with sector in spotlight. conference next week just adds possibility of big announcement.calls look cheap on a historical basis.
10:51 EDT ELN theflyonthewall.com: Elan Corp volatility flat at 73 on renewed takeover chatter Elan is recently up 14c to $6.50 on renewed takeover chatter. Call option volume of 5,137 contracts compares to put volume of 342 contracts. November and December option implied volatility of 73 is near its 26-week average of 74, according to Track Data, suggesting non-directional price movement. :theflyonthewall.com