Call Spread in eBay

Online retailer eBay Inc.

saw a relatively large call spread trade on Friday with what looks like an investor rolling an August position out one month to September. The August 45 calls saw 10,100 contracts sold at $0.96 with the September 47 calls being purchased for $1.08. The August calls saw 32,000 contracts purchased for $1.00 on July 20th with the shares trading roughly the same price as they are today. By rolling part of the long August position, the investor maybe looking to reduce some of the upcoming premium decay since the calls are currently at the money with only 10 trading days left until expiration.