Molson Coors (TAP) hares are up over $1.70 or 4.5% to $38.45 and its options have traded 4X the average daily volume. A good portion of that was in the June $40 call which saw 2,019 contracts trade at the $1.25 bid price. Prior open interest in the strike was 2089 contract and this was an opening sale. It appears to be tied to stock as part of buy-write. The sale has pushed IV down 10 percentage points to 35% on the day even as the company ?s earnings are slated for release next Tuesday, May 5.