Shares of Millennial Media, Inc. are up .21 to 6.48 today. ?MM is near the bottom of the 52-week range.

Today paper traded 1500 MM May 5 calls for 1.57.? The ADV is 1731 contracts.? The OI is 12984 contracts.

The volume went up in one block.? The trades went up .03 off of the offer and the timing was good as MM is up slightly from there.? There is giant open interest and this could be more of the same.? On balance this looks like call buying into earnings in early May.? IV in May is up 2 points today.

30-day implied volatility is 95%.?? 10-day implied volatility is 47%.? 30-day implied volatility is trading above the 10-day historical volatility.

Millennial Media, Inc. is an independent mobile advertising platform company.?