Updated. IBM (IBM, news, chart, volatility) April calls saw action late Wednesday. The top trades of the day printed about 30 minutes before the closing bell when 6,250 April 95 calls traded for $4.00 per contract and the same number of 110s traded for 70 cents. The traded was repeated more than once until volume jumped to more than 10,000 both contracts. It appears to be bullish spread trading where the investor was buying 95s and selling the same number of 110s. If so, they paid $3.30 (excluding commissions) and have a potential payoff of $11.70 if IBM rallies to $110 or more by April options expiration. It’s somewhat ambitious as IBM closed down $1.44 to $87.79 and about 12 percent from the breakeven, which is at $98.30 at expiration.