Emerson Electric (EMR) gapped higher and is up $1.42 to $37.45 after the co. announced a global sales alliance with Sun Micro (JAVA) to provide businesses with technologies to increase productivity and energy efficiency at datacenters (link to story). In the options market, EMR volume is running 4X the usual, with 9,400 calls and 5,200 puts traded. Aug 36 calls are the most actives, with 3,900 traded and 80 percent trading ask-side. A floor contact confirms that buyers are driving the action, snapping up 3000 for $2.00 a contract. Looks like buyers of Aug 37 calls, Aug 40 puts and Sep 41 puts as well. Implied vols at 36 (+1)