Brunswick (BC, news, chart, volatility) options were actively traded after the Lake Forest, IL-based machinery company announced plans to cut expenses, including cutting its workforce and idling a Sea Ray boat plant. Shares are up 74 cents to $5.93, but sentiment in the options seems cautoius. March 5 puts are the day’s most actives, with 5,100 traded, compared to open interest of 982. Three quarters of today’s trades hit offerside, suggesting possible opening put buys.

Oh Canada! The iShares Canada ETF (EWC) is seeing 62 times its average daily volume, with heavy trading seen in the March 17 puts and March 21 calls. With about 10,000 traded in each at 11:04 and a block of 550K EWC shares traded for $18.65 at 11:06, it looks like a massive collar on the exchange-traded fund.

Autodesk (ADSK, news, chart, volatility) is up 28 cents to $21.16 and options volume is elevated after a block of 3,500 April 20 puts traded on the AMEX for $2.10. Looks like an opening put buy, perhaps a hedge ahead of earnings due out late Feb.

NetApp (NTAP, news, chart, volatility) puts are actively traded after RBC cut the chipmaker to Sector Perform and lowered their price target from $21 to $17. Estimates were also lowered on degradation of global IT spending environment. Shares are holding steady at $14.50, but Jan 15 puts are actively traded with 98 percent of today’s 4,065 contracts traded at or near the offer. Implied volatility is up 5 points to almost 70.

Amkor (AMKR, news, chart, volatility) is up 59 cents to $3.16 and options volume is running at 15 times the usual levels amid increasing interest in March 2.5 calls. 6,300 have traded in lots of 750 and fewer contracts. With 84 percent trading offerside and existing open interest of 2,285, looks like opening call buying, perhaps on hopes the rally in the chipmaker can continue.

Dow Jones DIAMONDS (DIA, news, chart, volatility) Feb puts and calls are actively traded, after a strategist apparently sold 85/93 strangles and bought 84/95 strangles (16,000X for an average credit of about 94 cents). Also known as an iron condor, this strategy makes profit if the ETF stays within the two short strikes (85 and 93) through the February oprtions expiration (45 days). In this case, it is slightly modified condor as the puts are 1-strike apart and calls 2 strikes. This might reflect the view that a subsantial move to the upside is less likely than to the downside.

Compania Vale Rio Doce (RIO, news, chart, volatility) options are actively traded today. Shares of the Rio De Janeiro-based mining company are up 86 cents to $14.96 after gold reversed early losses and traded up $7.70 to $865.50 an ounce. 72,000 RIO calls and 42,000 puts traded. Among the day’s noteworthy trades was a January 2010 ratio call spread, where the strategist bought the 15s and sold the 20s 1600X for $1.25.

New Sightings Turn Heads in the Big Apple

Apple Computer (AAPL, news, chart, volatility) broke below $95 and is heading to session lows, as investors seem unimpressed with the company’s new product offerings presented at the MacWorld expo this afternoon. In the options market, Jan 100 calls are the most actives, with 19,000 traded. Some selling is being seen as some disappointed investors unwind bullish trades.

Time Warner (TWX, news, chart, volatility) short-term calls are active ahead of a presentation at the Citigroup Entertainment, Media, & Telecom conference tomorrow afternoon. Shares are up 56 cents to $11.06 and Jan 11 and 12.5 calls are leading the order flow. 9,500 traded and almost all traded ask-side.