RIM shares rise amid Microsoft takeover talk

When RIM shares were up 2.25 percent Thursday morning, the at-the-money September implied volatility stood at around 49 percent above its average 44 percent over the past week, he said.

"That indicates there is demand for options but the paper is mixed," he said. "The stock hit a new 52-week high this morning and the shorts were covering their positions. But we don't show any panic buying. The options action is interesting but so far not heavy according to our model."