Often short sellers buy calls to hedge their short position. Even if there's some good news, they'll just buy calls rather than wind down their short position. That's one reason I don't attach too much significance to options volume.
If anybody is really interested: Stock and Sept $3calls ran up right after News Item that the CFO bought 10K shares today. I saw it come up in Etrade. It followed officer purchases already announced today. CFO--That's the purchase that really matters, IMHO...Board member/Officer buying is OK but CFO buying is a more powerful market mover. FYI--I'm in 10 $3 Sept Calls contracts at .15. 1st week on Sept calls...risk/reward looked good.
I think that most of the spike can be attributed to the S&P's new favorable treatment of mortgage bonds, which was announced at the time of the spike. But yes, the timing seemed to coincide with the insider form 4s being released as well. Regardless of what catalyst it was, this thing has legs.