COCO – Corinthian Colleges, Inc. – Shares in for-profit university, Corinthian Colleges, Inc., shot up 14.5% to an intraday high of $5.61 this morning on speculation the company may be acquired. Options traders were quick to initiate bullish stances on the stock in case the rumors end up having some truth to them. COCO’s shares cooled slightly in afternoon trading and are currently up 9.8% on the day to stand at $5.38 as of 2:50 pm ET. Speculators hoping to see shares continue higher picked up 1,300 now in-the-money calls at the September $5.0 strike for an average premium of $0.41 each. Buying interest spread to the higher September $6.0 strike where some 4,300 calls were coveted for an average premium of $0.12 a-pop. Investors long the September $6.0 strike contracts make money if COCO shares rally another 9.1% over today’s high of $5.61 to exceed the average breakeven price of $6.12 by expiration day next week. Investors also purchased approximately 4,700 call options at the October $6.0 strike for average premium of $0.29 apiece. Traders holding these contracts are prepared to profit if the for-profit university’s shares gain at least 12.1% to surpass the average breakeven point to the upside at $6.29 ahead of October expiration. Takeover chatter, unconfirmed rumors and increased demand for COCO call options helped lift the stock’s overall reading of options implied volatility as much as 19.6% to a high of 92.44% today.