Cognizant Technology (CTSH) is down 4 cents to $48.12 and options volume is 5X the average daily. Most of the action is due to one strategist. They sold 13,000 Jan11 37.5 calls at $2.30 to buy 4700 Jan12 47.5 calls at $9.50. Looking at the open interest, this appears to be a roll out out of Jan11s — buying an additional 12 months and up 10 strikes. At $9.50 per contract, 4700 contracts opened in Jan12 47.5s represents a subsantial committed of capital (9.5 X 100 X 4700).