MEMC (WFR) loses 4 cents to $12.87 and the Apr – May 13 call spread is seeing interest in early trading Monday. 300 traded at 49 cents on ISE. Looks buyer-initiated. Volume in both contracts now exceeds 3000 and the spread trading might be rolling of a bullish position, out from April to May. The April 13 calls are 13 cents out-of-the-money and expire in 18 days. Open interest is 9K and the third largest position in MEMC.