Jon "DRJ" Najarian, co-founder of OptionMonster.

Teck Cominco ( TCK) is jumping with huge options activity amid rumors that BHP Billiton ( BHP) may be interested in buying the Canadian mining company.

Normal full-session volume is 2,400 calls, but today 20,000 Teck Cominco contracts traded in the first 2.5 hours alone, according to OptionMonster's real-time tracking systems. The April 7.50 calls are the favored options, trading more than 14,000 contracts alone.

Teck Cominco shares are up 9.4% on the session to just over $7. But the stock was over $58 last year, so at today's prices it could be an attractive acquisition candidate even though it has more than doubled in the last 20 days. BHP, meanwhile, is flat on the day.

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