unusual and bullish option volume in CAKE, a subject of occasional takeover chatter. Stock is up nearly 9% to 24.08 from 52lows hit this week and option volume is currently 19x recent average levels. Virtually all of the flow involves calls, with buyers leading the flow. Whether bottom-fishing or looking for another catalyst to lift the stock, we have seen aggressive buyers in the Dec 22.5 strike and January 20 through 25 line. As the stock has lifted from an opening near 22.19, the Jan 25 calls have been trading from 25cents to $1 with implied volatility lifting from 40 to 50% in the contract. ISE data confirms much of the buying to be customers creating new open interest.