Sirius XM Radio (SIRI) sees increasing options activity ahead of next week’s expiration. Shares are up a nickel to $2.16 and outperforming today on heavy volume of 48 million shares. No headlines on the ticker and January 2 calls, which are now 15 cents in-the-money and expiring in 7 days, are the most actives. 22,250 traded and 61 percent traded at the ask. Some of the flow appears to be closing trades, as the total volume is only 11.2 percent of the existing open interest, which is 198,485 and the second largest position in SIRI behind the Jan 1 put. Jan 2.5. Mar 2, and Mar 2.5s are the next most actives in SIRI. 42,000 calls and 2,725 puts now traded on the stock and implied volatility is up 2.5 percent to 41.5. The company next reports earnings in mid-Feb.