Microsoft (MSFT) Feb 30 call option is the most actively traded contract in the first hour of Friday’s trading session. More than 35K traded. Shares made a run towards $30, hitting a high of $29.92, after the software maker posted better-than-expected earnings and revenues after the closing bell yesterday. However, shares are now flat at $29.16 and some investors are likely liquidating Feb 30 calls as the early advance fades. Investors might have been somewhat disappointed with the lack of guidance for future quarters. Meanwhile, implied volatiity has fallen about 12 percent to 25 now that the earnings event risk has passed.