Alcoa call volume spiked this morning as a buyer paid 1.06 for 10,000 12.5 strike calls expiring in Jan 2011. Shares currently near $12.84 and total open interest at the strike is the largest in the product, with 111279 contracts open. Much of the OI was created this summer when paper sold 40K for approx 80c as shares were near 11.66, so today’s buyer may be closing.