On a relatively quiet Friday, the largest single name stock option volume belongs to mid cap ON Semiconductor (ON) where over 50,000 April $25 call options have traded between $.90-$1.10 with the stock between $20.25-$20.45 zone, with implied volatility around the 40% area. That absolutely blows away their average daily volume which is more like a paltry 1,000 contracts on average. ON specializes in the auto sector and internet of things sector and has frequently been sighted as a potential takeover candidate, much along the lines of Cypress Semiconductor (CY) their closest peer that was acquired earlier in the year for a substantial premium. Stock traded as high as $23.5 earlier in 2019, so the $25 zone is not some huge stretch of the imagination. Clearly the semi industry continues to consolidate, and this name fits that bill to a tee. This level of activity is just too large to ignore.