ANN is trading ~13.55 today, with four days (including today) to Nov expiration. You can see the Symbol Summary below. N.B. Earnings are Friday (BMO) of expo.
The company normally trades around 2,500 option contracts a day, but today it has already traded over 15,000 (three hours to go in the trading day). You can see the Company Tab below. N.B. ISE Sentiment tracking call open order purchases to puts - 47:1 in favor of call buying.
Even more interesting was that over 11,000 Nov 15 Calls were purchased. These are 26 delta calls with just 4 days to go before they expire! The stock volume (also on Company Tab) is actually a bit lower than average, so the likelihood that this is calls with stock is very low. This is a clear bet to the upside on earnings in my opinion. The Option Tab below shows the volume as of 1:00pm EST.
If you believe in order flow and following the delta bets - this would be one to examine. Possibly a takeover? You can also see LIZ earnings and the reaction ANN is having to them for further analysis.