3PAR on Fire!!!! Options Action!

The stock is trading well above the increased HP-offer of $30/share in anticipation of Dell coming back (again) and increasing their bid.

Here's some interesting ways to play this activity:

1. Write the Sep 30 put for a $0.15-$0.20 premium and use the proceeds to buy the Sep 37.5 call for $0.20-$0.25 creating almost a free trade. This saga may still have some legs and could result increased options activity potentially driving up the latter strikes.
2. Another option is to just buy the Sep 37.5 call @ outright given the low price!