Tessera Tech (TSRA) is down $1.24 to $15.54 and volume is picking up. As noted yesterday (premium story), TSRA puts were being bought Thursday ahead of a decision in a Wireless action case. The International Trade Commission [ITC] decided on March 26 to issue a final determination on a suit brought by TSRA against certain wireless manufacturers on May 20. Barclays said yesterday they believe upside in the share price is $20 to $24 in the event of a win and $10 to $12 if TSRA loses. Today, options volume is running 5X the usual and it seems that some traders are willing to stick their necks out ahead of the event. June 17.5 calls are the most actives, with 4800 traded and about half hitting ask-side. Implied volatility is up to 128, up from 120 yesterday and 105 two days ago.