Disney (DIS, news, chart, volatility) is one of only three Dow stocks moving lower Friday morning. American Express (AXP) and JP Morgan (JPM) are the two others. Disney shares fell as much as 6 percent and recently traded down 60 cents to $22.21 after the company reported quarterly profits of 43 cents per share in the latest period, which missed Street estimates by 6 cents. In the options market, trading was active yesterday with investors focused on the front-month downside strikes. 15,231 November 20 puts and 10,967 November 22.5 puts traded and implied volatility lifted nearly 10 points. The majority of this flow was opening new positions. Implied vols have now eased back to 70, down from a little more than 80 the day before, as some of those short-term puts are now being sold.