Duke Energy (DUK) is up 57 cents to $16.58 and options volume is running 17X the usual on reports PPL is set to bid $7 billion for Germany’s E.On (see 11:29 color). Bullish trading is being seen in DUK because it was also among the possible bidders for the German utility. May 17 calls are leading the flow. 10,473 traded (58% Ask). June and July 17 calls are busy as well. Implied volatility jumped about 22 percent to 21.7. Duke is scheduled to report earnings on May 4 (before market.)