Sun Micro (JAVA) is off 2 cents to $8.47 and the Jan – Apr 9 call spread is bought at 12 cents, 12500X on PHLX. In fact, it has traded several times today and volume in both contracts now exceeds 21,500. This is possibly a roll or a time spread. Recall that Oracle has made a $9.50 per share cash bid for JAVA and is awaiting EU clearance. The EU hearing begins tomorrow and CNBC’s David Saber today notes that European Commisioner Kroes said that she “is still optimistic that we can reach a satisfactory outcome that will ensure that there is no adverse impact on effective competition in the European market.” Today’s time spread or roll from Jan to Apr might be on the view that, while a deal might indeed happen at $9.50 per share, it’s more likely to happen by April rather than mid-January.