Alcoa (AA) options are buzzing with activity, as shares of the metals company rally to new 52-week highs following a Morgan Stanley upgrade. AA is up 8.2 percent to $15.77 and easily the best gainer in the Dow Jones Industrial Average Monday. Options volume hit 3X the average daily. Of the 109K contracts traded, 75 percent hit on the call side of the options chain. The action includes 12.2K Jan 15 calls on the bid, for $1.30 apiece, which coincided with 930K shares at $15.81, and appears to be a buy-write. 30.7K contracts now traded. Jan 14, 16, and 17.5 calls are among the most actives as well.