Chris McKhann , analyst at OptionMonster.

Tyson Foods ( TSN) is seeing unusual options activity on the back of a buyout rumor.

Tyson Foods is climbed as high as $11.70 before pulling back to $10.97, about flat on the day, but the shares have run more than 150% from their 52-week low of $4.40 in November. The stock will still need to double again to get back to June levels above $24.

Rumors of a buyout drove call action, especially at the near-term May contracts. More than 18,300 of the May 12.50 calls have traded versus open interest of 2,114, according to OptionMonster's tracking systems. At least 8,300 of those calls were apparently bought.

Call buying was also heavy at the $12.50 strike price in June and July, as well as the June 15 contracts.