Penn Virginia (PVA, news, chart, volatility) is up 86 cents to $25.94 and options volume is running at 20 times the normal levels. June 50 calls are seeing the bulk of the action. 3,700 traded, compared to open interest of 105. The volume has come in fewer than 400 contracts and 89 percent have traded on the bid. Some investors might be selling calls, perhaps against shares, on the view that a move beyond $50, or 91.6 percent, over the next six months is unlikely.