activity in the call option, was in response to a reuters report that bbt was rumored to be acquired by wells fargo. as they say, buy the rumor, sell the news. the quiescent period since the report, is generally indicative that the bbt board is now in a decision making process, yea or nay, probably trying to squeeze more juice out of wfc.
Previous to May 25 there had been no open interest in the July 40 calls on BB&T; then call volume spiked 28x across four U.S. options exchanges. This indicates that significant-sized speculators were expecting BB&T stock to surge more than 15% by the July expiration.