Las Vegas Sands (LVS) June 7.5 calls are seeing heavy trading, with 38.5K contracts traded, compared to open interest of 2,139. Most of the volume is due to one investor, bought 37K for 25 cents. Shares are down 12 cents to $2.16. Buying also seen in June 2.5 and 5 calls.

FRED! options volume is running at 65X the normal pace, with some traders showing interst in May 15 calls. Two blocks of 3,155 (6,310 total) recently traded for 25 and 30 cents. Marked tied. Shares are down 23 cents to $8.98.

Western Digital (WDC) is seeing unusual volume. Shares are down 79 cents to $12.87 and more than 8000 calls traded, or about 4X (367 percent) the expected for this time of day.

It appears that a strategist made a substantial bet against First Solar (FSLR) this morning. The stock is down $2.23 to $103.51 and April options are seeing some activity. At 10:35 ET, one strategist apparently bought the 105/85 1X2 put ratio spread and sold April 130 calls, 1000X. With volume exceeding open interest, this looks like a new position. If so, it is a very bearish one that requires extra margin due to the short calls and extra short puts. The max payoff is at the lower strike, or if FSLR falls another 17.9 percent to $85 by the April options expiration.

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Fear is back. 887,000 puts traded on the SPDR Trust (SPY), or almost double the expected for this time of day. March puts are very actively traded and include 54K March 50s. With 96 percent trading ask-side and existing open interest of 13,339, looks like buyers of “disaster insurance”. For it would take a 28.2 percent move lower over the next 18 days for those deep OTM puts to yield a profit. Meanwhile, one bearish strategist recently bought the Mar 55/60/65 put butterfly spread 5000X, for 44 cents.

Starwood Hotels (HOT) implied volatility is moving higher amid increasing interest in Mar puts. After selling off aggressively during the past 30 min, the stock is down $1.42 to $10.17. Action is hot in the Mar 7.5 puts, with 8,500 traded. Some of the activity appears to be sellers collecting a dime. Implied volatility in that contract is 123 percent. Overall, implied volatility is up to 93, from about 85 the day before.

Notable growth in Ivanhoe call open interest over past few sessions, and today’s flow appears to continue the trend. Shares near 4.50 and 7500 calls have traded, vs 144 puts. Flow is concentrated at the March 5 strike, with 5600 trading, and customer paying 45-50cents for most.

Footlocker (FL) calls are actively traded. 3,300 contracts traded, or about 16X the expected for midday trading. Shares are also showing relative strength, up 9 cents to $8.4 and looks like buyers are active in the March 7.5 and 10 calls ahead of earnings on March 4 (after market).

Bullish collar-type trade in Expeditors International today, as a customer bought 8000 May 35 calls for 43.5 cents against a sale of 4000 May 20 puts for 87cents. Net premium is flat, and trade pays off well if EXPD lifts toward the 35 strike in coming months. In mid Jan, with shares about $3 higher than current $25.77 levels, a customer sold May 20 puts against a long May 30-35 callspd, and this trade appears to build on that position.