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Our Heat Seeker monitoring program detected the purchase of about 8,500 January 32 calls for $0.80 and the sale of a matching number of January 35 calls for $0.325. Volume was below open interest at the lower strike, so there are two possible explanations for the trade.
One is that the investor owns shares in the global telecom giant and had previously sold the 32s as part of a covered call strategy. Rolling the short position higher would have raised by $3 the level at which they must unload their stock. It cost them $0.475 to make the adjustment.
— Option Monster