Brocade Communications Systems Inc (BRCD) $5.75 -1.88%

Brocade shares are off 10c to $5.75 and option volume is 5x the daily average. Notable trades include the July $5 puts and $6 calls which each traded 12,100x in what looks like opening bullish risk/reversal (sold puts bought calls) for a 20c net debit. The May $6 call has also seen active buying with 6,000 contracts traded, mostly in 150-250 lot transactions, with 77% of the trades occurring at the offering price.

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