Rambus (RMBS, news, chart, volatility) is under pressure, falling $1.91 to $16.59, and put activity is picking up on a Bloomberg story that it might have lost a chip patent dispute to Micron (MU). 11,000 RMBS puts have now traded, including a block of Jan 15s above the offer for 47 cents.

Dish Networks (DISH, news, chart, volatility) is actively traded for a second day. Yesterday, volume picked up in the Feb 15 calls and open interest increased from zero to almost 4,000. Today, call volume is running at 8 times (843 percent) the expected pace. Feb 12.5s are leading the order flow. 2,100 traded, with about 95 percent hitting offerside.

Two-Thirds of Millionaires Say Their Financial Advisers Failed During Crisis.

Bear Put Spread! Traders are going hogwild for Harley Davidson (HOG, news, chart, volatility) puts. 14,000 traded, compared to 938 calls. The top two trades of the day: 3,200 Feb 15 puts at the offer for $1.50 and 3,200 Feb 12.5 puts mid-market for 70 cents. With shares down $1.84 to $15.74, it looks like a bearish put spread on concerns about further losses in HOG. Outside of that, the days trades have been in 500 and fewer contracts, mostly trading offerside. ISEE sentiment data confirms opening customer put buys.

US Oil Fund (USO) is down $1.76 to $31.44 and session lows after crude oil fell $2.06 to $39.64 a barrrel.

Stryker (SYK, news, chart, volatility) calls are seeing renewed interest. Shares are up $2.33 to $40.91 after the company reaffirmed earnings guidance and despite a downgrade at Morgan Stanley (to Underweight from Equal Weight). In the options market, volume is running at two times the average, with 6,500 calls and 680 puts traded. Feb 40 calls are leading the flow. Some might be closing as the stock was the subject of bullish flow more than once in December.

Activision Blizzard (ATVI, news, chart, volatility) options volume is at two times average daily levels, with 10,000 puts and 830 calls traded. Shares are down 14 cents to $9.12 and it looks like put buyers are dominating the flow. Feb 10, May 7.5s, May 10s, and Aug 10s are seeing active trading.

Palm (PALM, news, chart, volatility) calls are seeing heavy selling, as the stock moves up $1.92 to $6.37. Shares are showing relative strength on optimism for its new phone and after Morgan Joseph upgraded the stock to Buy from hold with a $6.50 price target. Shares aren’t far from that target and maybe today’s move is motivating some closing trades in the Jan and Feb 5 and 7.5 calls.

Lennar (LEN, news, chart, volatility) is down $2.08 to $9.34 amid weakness in the homebuilders after KB Homes (KBH) reported a quarterly loss of $3.96 per share. LEN puts are seeing heavy trading, with 18,000 traded, compared to 4,700 calls. Implied vols are moving back into the triple digits.

Career Education (CECO, news, chart, volatility) is seeing relative strength and a second day of increasing call volume. Shares are up 79 cents to $18.60 and 2,350 calls alread traded. Jan and Feb 20 seeing most of the action, with 100 percent of today’s 2000 contracts trading offerside. Jan 17.5 calls saw increasing activity Wednesday.