Akamai (AKAM, news, chart, volatility) options volume is running two times the usual, with 11,000 calls and 200 puts traded. The December 12.5 calls are the most actives. Almost 10,000 have traded. The volume includes a block of 8,900 contracts traded for 55 cents (bid-ask spread was 55 to 66 cents at the time). With open interest of 1,768, it appears to be opening call write, perhaps against shares. AKAM is up 19 cents to $11.44.

Whirlpool (WHR, news, chart, volatility) put volume is outpacing call volume by a ratio of more than 20-to-1 after a player bought the December 35/30 put spread, 3000X. According to a source on the PHLX, where the trade happened shortly after 10:00 ET, the strategist paid $1.60. Shares were at $35.71 at the time, but have since moved higher, up 41 cents to $36.80 in midday trade.

Tessara (tsra, news, chart, volatility) implied volatility is elevated. Shares are down $7.69, or 46.27 percent, to $8.93 and volume in the optinos market is running three times the average daily level after the company, which makes packaging for semiconductors, lost a patent infringement suit brought against Motorola (MOT), Qualcomm (QCOM) and other chipmakers. Implied volatility is up to 156, from 148 late Monday, but also below the record highs above 175 from mid October.

21,000 calls have traded on BP (BP, news, chart, volatility), compared to 967 puts, during the first hour of trading Tuesday. Shares are up $2.30 to $45.87 after crude oil recaptured the $50 a barrel level (+75 cents). Shares are also reacting to a Dow Jones report that noted the company’s dividend and capital expenditure are sustainable in current market, despite the recent drop in crude. In the options market, sentiment seems bullish as well. The top two traded of the day printed at 10:23 ET on the NYSE after 9,900 April 50 calls traded on the offer for $4.80 while 9,900 April 60s hit bidside for $1.85. Looks like a bullish spread, where the strategist paid $2.95 in exchange for a possible payoff of $7.05 if BP were the rally back up to $60 (30.8 percent) by April options expiration.

Goldman Sachs (GS, news, chart, volatility) January 95 and January 75 calls are active after two blocks of 8,000 contracts recently traded on the AMEX. Looks like an opening trade, as the volume exceeds existing open interest. In addition, with the 75s traded bidside for $7.30 and the 95s hitting offerside for $2.50, the spread was possibly sold to open for $4.80, perhaps on the view that GS is unlikely to move back up to $75 (or beyond the breakeven of $79.80) by January options expiration. After a 16.75 percent debacle Monday, GS is up 14 cents to $66 Tuesday morning.

Regency Centers (REG, news, chart, volatility) shares are up $2.78 to $30.50 and options volume is running 24 times greater than usual, with 4,910 puts and zero calls traded. Most of the action is in the December 30 puts after a block of 4,780 traded for $3.00 (bid-ask was $2.75 to $4.40 at the time). The action is possibly a put write by an investor looking to take in lofty premiums (IV=125 percent) 17 days before these contracts expire.

3M (MMM, news, chart, volatility) puts are very active this morning, with a downgrade by Citi contributing to a 3% selloff to $60.31. Flow shows put sellers likely taking gains, as nearly 6000 Dec 65 puts have traded on the bid-side of the market, priced from 6.20 down to 5.80. Yesterday we saw nearly 10,000 of these puts bought to open when shares were nearly $5 higher. If today’s seller is closing out that trade, their fortunate timing led to a one day gain of about $2million.

McCormick (MKC, news, chart, volatility) is seeing unusual options activity. Shares are up 2 cents to $28.84 and volume in the options market is running at 73 times the average daily levels. Most of the activity is in the December 30 and 25 puts after 2,500 of each traded on the PHLX just before 10:00 ET. It appears to be part of a bearish spread, as the volume easily exceeds existing open interest and, while the 30s traded offerside, the 25s hit bidside. If so, it seems to be a bet against or a hedge on shares of the Sparks, MD specialty foods company.

Bearish flow was seen in Harmony Gold (HMY, news, chart, volatility) Monday, after 11,000 puts traded, or roughly 11 times the number of call options. Shares closed down 16.1 percent to $7.25 amid broader weakness in the gold mining sector. In the options market, the focus was on the January and May puts with the 2.5 strikes. A number of blocks hit offerside between 2:00 and 3:00, driving up open interest in the Januarys by 1,539 and by 6,866 in the May 2.5s.

The Select Sector Energy Fund (XLE) sank 10.6 percent to $44.93 Monday. XLE, an exchange-traded fund that holds the energy-related companies from the S&P 500, came under pressure on news OPEC would delay any output cuts until its December 17 meeting, which sent crude oil below $50 a barrel. One strategist seems to expect XLE to hold around these levels. Just before 3:00 ET (with XLE still above $46 a barrel), a substantial butterfly spread was bought using January 35/45/55 puts. The strategist paid $2.94 to sell 3,200 of the 45s (the body) and buy half as many (1,600) of both the 35s and 55s (the wings). Open interest increased by roughly 3,200 in the 45s and 1,600 in the 35s and 55s, suggesting an opening butterfly with a $45 price target for the XLE.