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Owens Illinois (OI) Mar and April 12.5 calls are active. 2,700 contracts traded so far. With more than 90 percent trading ask-side and very little existing open interest, it looks like call buyers are opening new positions as the stock moves up a nickel to $11.52. The bullish trading comes the day after shares of the Perrysburg, OH packaging company fell to 5-year lows of $11.30.

Sherwin Williams (SHW) is seeing relative weakness and active put buying Wednesday. Shares are down 31 cents to $45.04 after probing multi-year lows just below $44. In options action, 5,270 puts and 450 calls traded, a ratio of more than 11-to-1. March, April and June puts are seeing most of the flow. ISEE sentiment data suggest that 64 percent of the volume is opening customer put buys.

A Sign of Battle Fatigue?

Davita (DVA) is up $1.73 to $47.91 and April 55call/45put strangle is active, after an investor apparently sold it 3500X for $2.10. Looks like a new position.

Petrobras (PBR) is up $1.58 to $27.04 and April calls are active after one player bought the April 30/35 call spread 10000X for $1.35. It could be closing as substantial open interest already exists. Earnings due out Mar 6, according to company’s web site. Conference call on Mar 10.

Abercrombie (ANF) is up 16 cents to $20.63 and the April 17.5 put/22.5 call strangle has traded 3000X. Looks like an opening seller collecting $2.

Medtronic (MDT) is unch. at $26.88 and 7000 April 27.5 calls traded, compared to 32 contracts of open interest. A number of trades totaling 4,200 contracts traded ask-side for $1.4 around 11:40 ET.

Harley Davidson (HOG) is down 48 cents to $8.78 and 10.7K April 7.5 puts traded. Looks like buyers opening new positions. Existing open interest is 694.

Allos Therapeutics (ALTH) is up 21 cents to 46.29 and options volume running at 46X the usual. Looks like seller collecting 25 and 30 cents for April 5 puts to open new position, 2000X.