Alcoa (AA) shares rallied nearly 7 percent to $14.75 and are easily the best gainers in the Dow Jones Industrial Average on reports the company might begin to get discounts on power supplies in Italy. Alcoa said in November that it would temporarily idle smelters in Sardinia and Venice. However, under a new decree Sardinia and Sicily would be upgrade and industrial consumers like Alcoa would get discounts on power supplies. AA is up and options volume is running 4X the average daily, with 171K contracts on the tape so far. April 15 calls are the most actives. The top trade is a block of 8000 on the bid of 47 cents and marked “tied”, and so a possible buy-write. Also seeing buyers of Oct 15 and 20 calls. A seller of an April 15 – 17 call spread, 2000X. A buyer of July – Oct 15 call spread, 4000X. And, an April 13 – 15 “collar”, 2800X.