I like the market making vignette, but in reality the market maker would certainly be hedging his delta as the orders came in, and for a very one-sided options

I like the market making vignette, but in reality the market maker would certainly be hedging his delta as the orders came in, and for a very one-sided options trade like this he would probably be putting on a vega/gamma hedge as well. For those who don't speak the lingo of options, this means that he'd be hedging his exposure to directional stock price moves (by buying stock as he sold the calls) and also hedging his exposure to the size of stock price moves (volatility) by buying some cheap volatility, say at a different strike or for a different expiry, to cover the expensive volatility that he's just sold. But like I said, I like the vignette :)