* ACHN calls are seeing interest following renewed M&A rumor. So far today 4.4K total calls have traded vs 920 total puts. Most notable are the ACHN Aug 8 calls (volume: 2730, open int: 2550, implied vol: ~131%, prev day implied vol: 6%) -- takeover chatter circulated back in June (most recently -- see June 20).
* RRC calls are seeing interest following takeover chatter. More than 13K calls have traded vs 720 puts with most notable volume in the RRC Sep 85 calls (volume: 5240, open int: 640, implied vol: ~34%, prev day implied vol: 2%) -- one transaction was 2K+ in size and traded on the offer. Co reported earnings earlier this week.