Raser (RZ) shares are falling $1.14 or 28% to $2.72after the power company announced $25mm offering. This is generating 5x daily option volume in the thinly traded issue. There is obvious activity in front month puts with the July and August $2.50s trading 440 and 350 contracts respectively, each exceeds prior open interest. But what is more notable is action in the 2011 LEAPS in which the $2.50 and $5.00 calls have traded 320 and 880 contracts. Prior open interest is sufficient to cover but it looks like someone is rolling down, liquidating the $5 and buying the $2.50’s. The in these LEAPs is off some 14% to 81% on the day.