Alcoa (AA) is down 11 cents to $11.71 and morning trades Friday include a seller of 10K Jun 12 calls at 39 cents. It was tied to shares at $11.65 (on a 41 delta). It might be part of an over-write or possibly a liquidation. The contract is 29 cents out-of-the-money with three weeks of life remaining. 15.8K now traded vs. 18K in open interest. Implied volatility in Alcoa is up 2 percent to 49.5 (compared to a 52-week high and low of 76 and 31).