Arena Resources (ARD) is up 67 cents to $37.38 and has added 9.1 percent since Sandridge (SD) announced plans on April 4 to buy ARD at $40 per share in cash and stock. Today, Caris analysts said they don’t expect another bidder to emerge. In the options market, volume is running 3X the average daily. One of the top trades is a block of 1500 May 35 calls at $3.10, which coincided with a block of 150K shares at $37.05 and appears to be part of a buy write. 4500 now traded vs. 2397 in open interest.