From Steve Smith. Bon Ton (BONT) shares added 30c to $18, a new 52-week high, and option volume rose to 5x the daily average Friday. Shares of the apparel retailer have gained some 70% in the past four weeks and over 130% since their February low. Friday’s notable trade is in the July $17.50/$20 call spread traded 8,750x in what appears to be a roll higher; selling to close the $17.50 calls – a position opened on 4/12 when stock was around $15.60 – and buying the $20 calls for a 95c net credit. (Open interest data confirm this was a roll and part of a series of adjustments in a bullish trade that can be traced back to an April – July 10 call spread on 2/12 when shares were at $8.41.)