MCCC – Mediacom Communications Corp. – Shares of the firm engaged in the development of cable systems serving smaller U.S. cities are flat on the day at $6.28 in late afternoon trading. MCCC popped onto our ‘hot by options volume’ market scanner earlier in the session after one options investor exchanged a chunk of 4,000 calls on the stock in the October contract. The calls traded to the middle of the market at the October $7.5 strike for a premium of $0.25 apiece. The investor may be buying the contracts, in which case he is bullish on Mediacom and expects shares to rally sharply ahead of expiration in five months time. A long call stance in this case prepares the trader to make money as long as shares of the underlying stock jump 23.4% from the current price to surpass the effective breakeven price of $7.75 by October expiration. However, if the calls were sold rather than purchased, the investor pockets the $0.25 premium and keeps the full amount received as long as Mediacom’s shares do not rally above $7.50 by expiration day. MCCC’s previously existing overall open interest reading is a paltry 868 contracts. Thus, if the investor maintains the position overnight, we would expect to see overall open interest on the stock jump to more than 4.6 times the current level. The spike in options activity on Mediacom Communications Corp. bumped up the overall reading of options implied volatility 16.2% to 47.60% as of 3:00 pm (ET).