Cephalon shares 30c to $58.60 and options are 4x the daily average with calls outpacing puts by 31,000 to 2,100 thus far. The volume seems to be a roll out of the December calls and into a higher strike Feb. Notable trade was sale of 6,000 December $60 calls against purchase of 6,000 Fen $65 calls for a 15c net debit. This would help offset some of the expected decline in IV following tomorrow’s conference call while maintaining upside. Overall the Dec 60s have traded 16,000 contracts and there has also been buying in additional buying in the Feb $60 and $65 strikes.