3Com Trades: What Is Wrong With This Picture?

Hewlett-Packard just announced that it has agreed to buy 3Com Corp. for $7.90 per share, or approximately $2.7 billion. Two quick thoughts: 1. It's a good thing the SEC is off for Veteran's Day, or else it would be busy trying to sort through the slew of inside traders. First, 3Com's stock price has been steadily raising for the past few days -- as Dan Frommer points out -- for no discernable reason. Moreover, someone with access to a Bloomberg terminal sent over some charts showing the price and volume for 3Com $5 strike calls. Take a look at the below, and pay specific attention to the the bottom right-hand corner:

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