Nine out of the top 10 trades by volume were calls, and of the $5.5 million in premium exchanged, $5 million was tied to calls, SpotGamma data show.The most popular contract to buy was the 8-strike call expiring Dec. 18, which traded 26,000 times. That contract costs about 37 cents and needs Snap to rally 30% before expiry to pay off. If that happens, it would be the highest the stock's traded since February.The owner of photo-sharing and messaging app Snapchat also offers augmented-reality `Specs' glasses. Shareholder Blue Duck Capital issued an open letter to Snap's board of directors last week urging the company to raise dedicated capital to support the product, saying it could lead to a $12-$14 share price.
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