Call It A Ballmer Game: Who Knew What When?

Just over a week ago, a funny thing happened in the options market for Microsoft; namely, massive flows into the September $32 and $33 Calls. A few days later those options have risen from around 23c to over $1.50. Given the surge in implied volatility it is clear that whoever was buying these options had little thought for 'value'. Of course, linking a short-dated (but very sizable) options purchase from a week ago to today's spike in price is difficult but it seems unusual activity at best (and nefarious at worst).

(h/t Mike)