Pride International Calls Active on M&A Speculation (PDE)

Offshore drilling service company Pride International (NYSE: PDE) saw its shares spike sharply this afternoon as takeover speculation resurfaced.

Pride International shares traded as low as 31.63 before huge volume came in sending the price to 33.60 in minutes. Pride has already traded 3mil shares vs. the 2mil three month daily average.

Options traders drove December call volatility higher to the 45level, with November rising to 43. Over 17k December 24, 35 and 36 calls have traded vs only 7k across all lines.