Yahoo (YHOO, news, chart, volatility) calls are active. 38,000 contracts have traded, compared to 13,000 puts. Shares are up 79 cents to $11.53 and spike to a high of $12.50 about 15 minutes ago on reports Former AOL CEO Miller is trying to raise money to purchase some or all of Yahoo. Miller believes he can do a deal at $20 or $22, according to Dow Jones.

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