Lions Gate Entertainment (LGF),which looks like it has a hit with Bruno, shares are up 5% to $6.10 and option activity is 10x daily average with over 25k calls traded to in what looks like across the board spreading. The July $5 calls have traded 7,500 which out strips the 2,100 prior open interest. The January $5 traded 15,000 but there is sufficient open interest to cover. The Sep. 5/7.50 spread traded 3,000 times at an initiating sale of a $1 debit. Overall IV is up some 7% to 74% on the day. This appears to be either someone moving into the short term July and financing it with the later dated paper or just a roll out of the Jan. into the front month.