Lion Gate Entertainment (LGF, news, chart) is seeing 39 times its normal trading volume on increasing interest in longer-term calls. Shares are up 17 cents to $9.96 and 7,620 of the January 2010 calls with the 10 strike traded offerside. A block of 5,000 January 5s traded midmarket or for $5.40 a contract. With significant open interest in both contracts, today’s volume might be closing. There is no news on the stock today. On July 29, insider trading data showed 10 percent owner MHR buying 142,822 shares between $9.49 and $9.50 during the last week of July.