Elevated volume in Emerson Electric with earnings expected pre-open tomorrow. Flow is twice normal levels and dominated by activity in the August ‘collar’ $2.5 around the current spot level near $47.50. Front term at-the-money implied vol is nearly 14points above September, suggesting an earnings-related gap of nearly 5.5% ($2.69) tomorrow. Far-upside $60 calls seeing buying interest in August and September terms as well, as a possible ‘tear-up’ cheap option just in case the stock reaction is extreme.