After trading as high as $7.75 shares Motorola shares are up 5c to $7.50 and option volume is 3x the average daily volume with 33,000 calls to 8,500 puts trade. Notable activity includes spreading in the July/Aug $7 calls which saw 7,500 trade in what looks like a roll out of July and then the purchase of August which was tied to stock. Also, in the 2012 expiry the ITM $7.5 calls and $12.50 puts were spread 5,000x in what looks like sale of the calls and purchase of the puts and could be a closing transaction as OI is sufficient to cover. Shares of the mobile phone maker have jumped some 20% in the past seven trading sessions.