Dow Chemical (DOW) is down 54 cents to $12.54 and call options are seeing some action ahead of earnings (April 30, before market). 14K contracts traded, compared to 3,125 puts. Today’s action includes 3 blocks of May 15 calls totaling 4,900 contracts at the offer for 25 cents. Looks like buyers in May 12.5 and May 14 calls as well.