Hess (HES) adds 15 cents to $55.14 and the top options trade on the New York-based oil refiner today is a 4,400-lot of Mar 60 calls for 74 cents per contract on ISE. Data suggesting an opening customer buyer. 6,560 now traded against 1,806 in open interest. May 50 and 52.5 calls on HES are seeing opening activity as well. 14,000 calls and 4,000 puts traded in the name and implied volatility is up 4.5 percent to 31.5. The stock suffered a two-day 8.8 percent post-earnings skid prior to today and was downgraded at to hold from buy at DB yesterday. Today’s call buyers are possibly looking for a rebound in the months ahead.

*Scanning all single-stocks subject to 2500 contracts minimum call or put volume

Frontier Communications (FTR) tumbled to $3.81 early and is trading down 22 cents to $4.25 on volume of 23 million shares, which is almost 7X the typical volume. Options action in the Stamford, CT telcomm is picking up as well. 20,000 calls and 7,475 puts traded on the stock so far. Mar 4 call buyers are leading the flow. Recent trades include a multi-exchange sweep of 2500 for 40 cents when the market was 30 to 40 cents. A 1,177-lot traded for 32.5 cents thirty minutes ago on ISE and was an opening buyer, according to ISEE data. 12,331 Mar 4 calls now traded on the stock against 220 in open interest. Aug 4 puts, Mar 5 calls, and May 5 calls are seeing interest as well and, as shares touch 52week lows Friday, implied volatility in FTR options is up 39.5 to 61 and new 52-week highs. It’s not clear what’s driving the volatile action in this stock today, as there are no obvious headlines. Earnings expected about a month from now.

Radian (RDN) loses 19 cents to $2.69 and a 1250-lot of Jan 2 puts traded on the stock for 75 cents when the market was 65 to 75 cents. 1765 traded and today’s flow probably adds to positions from yesterday, when open interest in the contract increased by 4,747 to 7,500 and now the largest position in the Philadelphia-based credit insurance company. Implied volatility is up 3.5 percent to 95, as shares tick lower for a fourth day this week. RDN is down almost 13 percent since Friday. Earnings slated for Feb 23.

*Scanning all single-stocks subject to 2500 contracts minimum call or put volume

Newfield Exploration (NFX) loses $1.05 to $40.23 and one strategist sold 7,000 Mar 35 puts on the stock at 55 cents per contract to buy 3,500 Mar 45 calls for 75 cents. The 1X2 bullish ratio risk-reversal looks tied to 193K shares at $40.71 and comes after several months of losses in shares of the Woodlands, TX oil and gas company. NFX is down 47.1 percent since March. Today’s combo trader is probably looking for the stock to hold above $35, possibly rally beyond $45, through mid-March. The company presents at a Credit Suisse conference on Feb 7 and earnings come into play on Feb 21.

*Scanning all single-stocks subject to 2500 contracts minimum call or put volume