Harley Davidson (HOG) is up $2.70 to $35.47 after the motorcycle maker reported a quarterly profit of 29 cents per share, which beat Street estimates by 7 cents. Meanwhile, 25K calls and 11K puts have traded on the session. May 34 and 36 calls are the most actives and included some spread sellers in morning trading. The top trades are 2800 at $1 and appears to be a roll up in strikes, from the in-the-money 34 calls to the out-of-the-money 36 strike. In other words, this investor is likely banking a profit in the May 34 calls after shares rallied on earnings, but is looking for additional upside in the stock and buying the May 36 calls. The spread has traded roughly 5000X. Implied volatility is down about 20 percent to 36 on the day.