L-3 Communications is up $1.10 to$84.70, a new 52-week high and option volume is 6x the daily average. Notable trade was the Jan.$85/90 call spread traded 7,800 times in what looks like sale for a $1.70 credit and possibly a roll up in strike prices (possibly closing out positions in Dec 85s opened on 12/7 when about 7000 were apparently bought to open for between $1.25 and $1.60). The Dec. $85 calls have traded over 1,900 contracts, 77% at bid, in what is most likely liquidation.