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What's behind call activity in Zynga

Shares of Zynga have been climbing in the last couple of weeks, but today's option activity in the name isn't overly bullish.

optionMONSTER systems show that a trader bought 4,911 March 3 calls for $0.63 against open interest of more than 39,000. At the same time, he or she sold 4,911 September 4 calls for the bid price of $0.53 in volume above the open interest of 625, so it is a new position.

This appears to be the roll of a short-call position as the March contracts have gone in the money . If so, it would almost certainly have been done against long stock as a covered call position. (See our Education section)

ZNGA is up again today, adding 4.66 percent to $3.59. Shares of the struggling social-gaming company was down at support at $2.40 in late January and broke up through $3 just in the middle of last week. The stock was last above $4 last in late July before it gapped lower on earnings.

More than 43,000 ZNGA options have traded already this morning.

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