Rambus (RMBS) saw a morning spike, to $21.66, on heavy volume amid market chatter about a legal settlement — Briefing. However, the early advance didn’t last and RMBS is now extending the losses suffered last week, when shares tumbled on news the company’s $4.3 bln memory chip trial was being delayed. RMBS is down 6 cents to $20.71 and 14K calls traded today. Front month calls with strike prices ranging from 21 to 35 are seeing the bulk of the flow and, while there was some evidence of premium buying early, looks like an increasing percentage of today’s action in RMBS calls is now trading on the bid. Implied volatility in the Feb 22.5 and 25 calls, today’s most actives, is down about 2 percent to 85.