Reserach In Motion (RIM) adds 65 cents to $43.49 and options action is brisk Wednesday morning. About 22,000 calls and 7960 puts traded in the first hour. Overall sentiment seems a lot more bullish than the day before. October 47.5 calls are the most actives, with 8000 traded and 61 percent trading at the ask. October 50 calls are also trading predominantly at the ask. Bernstein cut its price target on RIM yesterday to $40, citing incresing competition in the corporate segment. Also, Reuters reports yesterday that Research In Motion will allow the Indian government limited access to its user email correspondence, “increasing speculation that Research In Motion will allow other governments to have access to online correspondence.” Shares fell 6 percent Tuesday and 25.5 percent during the month of August. Today’s call buyers might believe much of the bad news is now baked in the cake and RIM will rally from now through mid-October. Implied volatility in RIMM is up 2 percent to 58, compared to a 52-week high and low of about 60 and 29.