Kansas City Southern (KSU) gained 3.8 percent Thursday, even after the railroad company reported quarterly earnings of 7 cents per share on $341.3 mln in revenues, which fell short of expectations of 10 cents on $370.5 mln. Today, shares are down 69 cents to $20.34 and options volume is running 4X the usual. Top trade of the day is 3,000 Aug 22.5 calls on the ISE, which is an opening customer buyer, according to ISEE data. Looks like buyers of Aug 20 calls as well. Implied volatility is moving up to 47, from about 43 late Thursday.