UBS (UBS) is up 60 cents to $12.62 and March 12.5/10 put has seen some interest in recent trade. Buyer paid 95 cents for 5000. Possibly closing, as volume doesn’t exceed open interest.

ProShares UltraShort Real Estate ETF (SRS) is up $2.91 to $58.61 and some players appear to be positioning for further gains with active spread trading in April calls. SRS is an exchange-traded fund that is designed to move two times (200%) the inverse of the Dow Jones Real Estate Index, which includes 82 REITs and real estate companies. Trading in ETF options is bullish Friday. One strategist bought the 60/100 spread 2780X for $8.00. That spraad has now traded more than 5,500 times. Another trader might be looking for a cheaper way, and appears to be buying the 90/110 call spread.

Broadcom (P/C Chart, news, chart, volatility) is down $1.57 to $15.86 post-earnings and after DA Davidson downgraded the stock to Underpeform. 34,000 BRCM puts have already traded, compared to 7000 calls. One of the top trades of the day was a purchase of 6000 May 16 puts for $1.825 about 20 min. into the trading session.

Sun Micro (P/C Chart, news, chart, volatility) calls are actively traded. Looks like a ratio backspread was opened after 2000 Jan 2010 calls at the $5 strike traded bid-side for $1.00 while two blocks of January 2010 calls at the $7.5 strike traded ask-side for 42 and 43 cents. If so, the strategist collected 15 cents and now wants JAVA to 1) stay below $5 or 2) see a significant rally before the Jan 2010 options expiration. Stock is unch. at $4.46.

Select Sector Utility Fund (XLU) is down 15 cents to $29.42 and options volume is running at 8 times the average daily levels. Looks like buyers in the Feb 30, 29, and 28 puts, perhaps on the view the utility fund will lose power before the contracts come off the board three weeks from today.

Coach (P/C Chart, news, chart, volatility), the New York-based apparel and footwear company, is seeing unsual volume. Total options activity is running at almost 9X (879%) the expected for this time of day. With shares up 15 cents to $15, Feb 15 and 17.5 calls are leading the order flow, with 10K already traded and more than 80 percent trading ask-side. No obvious news to explain the interest in COH today. Co. reported earnings on Jan. 21.

Mastercard (P/C Chart, news, chart, volatility) is up $6 to $135.09 and trading in the options market is brisk Friday morning. 8,700 contracts traded, or almost 3X (284%) the expected for the first hour of trading. The top trades of the day: 1000 April 125 puts offer-side for $11.26, 1000 April 105 puts bid-side for $5.22 and 1000 April 170 calls bid-side for $3.54. Looks like buying the 125/105 put spread and selling 170 calls. Might be closing trades.

Juniper Networks (JNPR, news, chart, volatility) shares are down $2.17, or 12.8 percent, to $14.80 after the company reported earnings that missed Street estimates. Put volume has skyrocketed with 45K already traded, compared to 8,900 calls. Some of the activity is possibly profit-taking, as JNPR was the subject of heavy put buying on Jan 22 and Jan 26.

MGIC Investment (MTG, news, chart, volatility) March 5 call open interest increased from 2,932 to 6,296 following a day of active trading Thursday. 3,385 contracts traded and the volume included a b/d purchase of 2,070 for 35 cents. Shares of the Milwaukee-based insurance company finished down 22 cents to $3.10.

Las Vegas Sands call activity is high ahead of next week earnings, as the stock trades more than 7% lower near 5.23. Upside call buyers lead the action with more than 10,000 Jan-10 12.5 calls trading, priced from 1.1 to 1.20 and implied vol lifting 6 points to 119%. Short term Feb 7.5 calls also seeing 20cent buyers, possibly in a view that shares may see upside next wk. Recall large selling of Feb 10 calls took place in Dec when shares were near 6.18 and today’s flow may be the seller locking in gains.