Toll Brothers (TOL) Mar 15 calls are active ahead of tomorrow morning’s earnings release. Recent trades include 11K contracts at the offer for 95 cents. Looks like a buyer opening a new position. Shares are down 89 cents to $14.40 and 18.7K Mar 15 calls traded, compared to open interest of 1,772.

SunTrust (STI) April 14/17.5 call spread is active. Looks like a buyer paid 77 cents 5000X on the ISE. Trade appears to have included 2500 April 10 puts sold for $1.66. STI up a nickel to $11.12.

Blockbuster halted. Shares are down 74 cents to 22 cents after Bloomberg reported the co highered Kirkland and Ellis for bankruptcy advice.

Conoco Phillips (COP) is up 79 cents to $35.91 after crude oil gained 53 cents to $40.68. In the options market, volume is running at 2x the average daily after 35.2K COP April 40 calls traded. All of the activity has come in fewer than 820 contracts and seems to include a significant amount of premium buying. ISEE Sentiment data suggest that 61 percent of the calls traded on the ISE are opening customer buys.

Select Sector Consumer Staples (XLP), which holds a basket of household product, food, beverage, drug retailer and other mundane companies, is down 30 cents to $19.67 and hit 5-year lows today. Options volume picked up to 7 times the usual and includes 20K June 19 puts on the ISE for $1.10. ISEE Sentiment data indicates this was an opening customer put buy.

Wells Fargo (WFC) April 12.5 puts are active after two blocks of 25K contracts (50K total) traded for $3.40 and $3.4 that were SOLD on the PHLX around 10:43 ET. The contracts were tied to a block of 2 mln Wells Fargo shares that traded for $11.15 at about the same time.

UAL Corp. (UAUA) is down 50 cents to $3.76. 26,000 UAUA calls have traded on the day, which represents about 5X (478 percent) the expected for this time of day. June 5 calls are the most actives, looks like buyers taking new positions. 15.3K traded, open interest of 1,483 and 96 percent trading ask-side. Implied volatity rallying to 217, up from 190 yesterday and highest levels since Nov. 21.

Calls on Medicines Company are trading above average today, with shares off 1% near 9.89. October 10 call buyers are leading the activity, paying 2.70 for nearly 2000 to open new positions. On 2/23 call volume surged to 20x normal on several large spread trades that more than doubled call open interest to 19,000 contracts. Company presenting at a Health Care conf on Friday.

The Limited (LTD) is down 49 cents to $6.61 and its lowest levels in more than 10 years, but directional sentiment is bullish Tuesday. Options volume is running at 3X the normal levels, with 7,200 calls and 300 puts traded. Mar and Apr 7.5 calls are the most actives, with nearly all of the 7,100 contracts traded hitting ask-side. Looks like opening customer call buys and ISE sentiment data confirms it. Retailers post monthly same store sales later this week–most on Thursday.

Apple options flow is in-line with recent days, as shares trade up nearly $2 near 89.85. Calls slightly leading puts overall, consistent with normal P/C of .88. Layoff chatter circulating.