AT&T (T) loses a dime to $30.69 and one investor sells Jun 30 calls at 70 cents and collects 98 cents on the Aug 26 – 30 bearish risk-reversal, 27500X. $1.68 is collected on the three-way and likely closes out one leg of a Jun 26 – 30 combo that was accumulated over time (including 4/7, 4/11, 4/13 — no color). Some of the initial trades were tied to stock. Separately, an Aug 31 – 33 (1X2) call ratio spread recently traded in AT&T at 36 cents, 3500X. Total options volume in the phone company is now 95K contracts and 3.5X the average daily volume.