Anheuser Busch (BUD, news, chart, volatility) calls are seeing heavy trading ahead of its earnings release (tomorrow during market hours). More than 32,000 of the December 65s have traded, with only 7 percent traded on the bid (61 percent mid market and 32 percent ask-side). 15,400 of the December 60s traded, with 80 percent trading on the ask-side of the bid ask-spread. With existing open interest well above today’s volume, some of today’s activity might be closing ahead of the report. Others might be buying calls on hopes the company will update shareholders about its merger talks with InBev. On October 31, Credit Suisse analysts said they believe the deal will close before yearend at $70 per BUD share. Others are not so sure. As evidence, the stock is down 90 cents to $63.70 Wednesday afternoon.