Level 3 (LVLT) options active on WSJ report of advanced merger talks with CenturyLink (CTL)

Level 3 Communications (NYSE: LVLT) November 29 and 30 calls are active on total call volume of 5,100 contracts (1,200 puts) after WSJ reports of advanced merger talks with CenturyLink (CTL). November call option implied volatility is at 36, December is at 35; compared to its 52-week range of 23 to 53.

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