LEAP Wirless (LEAP) shares are down 65 cents to $17.83 and options volume is running 5X normal, with 44K calls and 6000 puts traded. A lot of the volume is in the January 2010 calls and includes the purchase of a Jan 30 – 35 – 40 “stupid” call spread, where all three legs were bought against a position in LEAP shares for $18.05 (delta = 35). Another player appears to have bought the Jan 22.5 – 30 call spread while selling Jan 12.5 puts on the AMEX.