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Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in AT&T Inc (T), where a total volume of 175,255 contracts has been traded thus far today, a contract volume which is representative of approximately 17.5 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 50.4% of T's average daily trading volume over the past month, of 34.8 million shares..