Coach (COH, news, chart) calls are seeing action. 16,000 contracts have traded, compared to just 800 puts. The action comes two days after the company announced a $1 billion share buyback. Shares drifted lower early Thursday, but after hitting a low of $28.71, COH is now up 22 cents to $29. In the options market, the October 30 calls are the most actives. 11,910 contracts have traded, compared to open interest of 1,667. A lot of today’s trades are hitting bidside, suggesting opening sell orders and perhaps part of covered call strategies. However, no substantial blocks of shares have been seen yet today.