Microsoft option flow ahead of this afternoon’s earnings is running double the typical level for the stock, as shares trade up 75 cents near $25.77 in relatively light spot volume of 44 million shares. 144,000 calls have traded by mid-afternoon, versus 65,000 puts, with upside Aug 26 and 27s seeing the most volume of nearly 20,000 contracts each. Nearly 25,000 of the recently listed WEEKLY calls that expire tomorrow have traded, led by the 26 strike with 14,000 contracts trading and an average price of 42cents. The 1-day 26 straddle in MSFT is priced near $1, suggesting a reaction in the 50c range either way.