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

Alpha Natural Resources ( ANR) is scorching with options action while its stock pops today on the latest bump in a rollercoaster ride that began several months ago.

The mineral-processing company's stock is up some 8.5% to $18.72 this afternoon on rumors that a company in China is looking to expand its hold on steam and metallurgical coal. Alpha's chart -- which has seen lows near $15 and highs over $22 in the last two months -- suggests the shares could push to those high levels again if the speculation is true.

Normal full-session call volume is 2,000 contracts, but Alpha traded 7,900 options in the first 30 minutes of today's session, according to OptionMonster's real-time tracking systems. There was some large-block action in the nearest-month contracts, especially at the May 20 and May 22.50 calls.

The company is scheduled to report quarterly earnings before the market opens May 6.

The writer has long positions in Alpha Natural Resources.

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