Somewhat puzzling options action in AMD this week. Open interest in the chipmaker’s call options increased from 262K last Friday to 403K this morning, or 53.8 percent. The action continues Friday, with another 64K call options traded or 4X the normal. Recent trades include a buyer of Jan2012 $10 calls at $1.15. It was tied to a position in 288K shares at $7.10. A lot of the action has been in the October 6, 7, and 8 calls. Aug 7 and 8 calls are busy as well, Implied volatility is flat today around 57, from 55 a week ago. The stock is down 23 cents to $7.16, off 11.5 percent on the week, and here’s been no obvious stock news to explain this week’s surge in call volume. It might be a play on earnings, July 15.