Shares of American Realty Capital Properties (ARCP) are down .23 to 13.45 today. ?ARCP is near the middle of the 52-week range.

Today paper traded 1948 ARCP Jan 12.5 calls for 1.55 today.? The ADV is 2817 contracts.? The OI is 8191 contracts.

The volume went up in one large block.? Trade on the strike is near 7000 contracts with almost all of them lifting the offer.? Paper traded this strike on multiple exchanges lifting the offer where it could be found. The stock is lower after these buys and this could be a short call cover.? Check the OI tomorrow for this one.? There is a dividend but there is almost no chance of an exercise.? Most likely these are a cover from higher levels.?

30-day implied volatility is 27%.?? 10-day implied volatility is 12%.? 30-day implied volatility is trading above the 10-day historical volatility.

American Realty Capital Properties, Inc. is a real estate investment trust (REIT).?