Large trade was entered in Petrobras this morning, as a customber paid 90 cents for 20,000 April 15-20-25 Put butterflys. Earnings last week, and shares are currently near 26.94. This downside view has a potential maximum payoff of $8.2million if shares sink to the $20 strike for April expiration.

Lexmark (LXK) is up 20 cents to $15.85 and April and March 12.5 calls are heavily traded. Looks like some buyers are taking new positions, with about 65 percent of today’s 6000 contracts traded hitting ask-side. Theflyonthewall mentions buyout chatter.

Ebay (EBAY) is up 14 cents to $10.57 and Jan 2010 calls at the $15 strike are heavily traded. 23.4K contracts so far, including 15K at the offer for 90 cents on the ISE. Sentiment data suggest this was an opening customer call buy.

Dish Networks (DISH) is up 57 cents to $9.84 and the April/Mar 10 call spread has traded more than 4000X. Some of the activity might be rolling of long calls, as existing open interest in Mar 10s is 6,474 compared to 1,494 in the April 10s.

Nokia (NOK) hit a ten-year low of $8.47, but was recently up 5 cents to $8.79. April 9/11 call spread traded 7000X. Looks like a buyer initiating and paying 65 cents.

Stryker (SYK) is up 15 cents to $32.16 and 3,600 calls traded so far, about 9X (899 percent) the expected for the first hour of trading. Activity is in the March and April 30 and 35 calls. Looks like buyers dominating the activity.

National Semiconductor (NSM) is seeing a second day of bullish order flow. Mar and Aug 12.5 calls saw increasing volume Friday. Today, another 5,535 calls and zero puts traded. With shares unchanged at $10.96, the focus is on Marh 10 and April 12.5 calls. Directional sentiment based on today’s ealry order flow is 89 percent bullish. It comes ahead of March 11 (before market) earnings release.

Select Sector Financials (XLF) hit a low of $5.97 and have since battled back to $6.18, unchanged on the day. XLF Jun 7 call is the day’s most actively traded options contract. 13.7K traded, as some brave investors buy premiums on hopes the worst is over for the financials.

Quick sweep of more than 2000 American Express March 10 calls for 1.35 top.

Wynn Resorts (WYN) Mar puts were actively traded Friday. The top two trades, 7800 Mar 15/12.5 put spreads for $1.00 on the PHLX. Open interest data suggests opening trades and it appears to be a roll down of 5000 Mar 17.5/15 put spreads opened Mar 2 (which was bought for 90 cents along with the sale of 3000 Mar 20 puts–which was also roll perhaps) when WYNN was near $19. Shares finished down 89 cents to $15.40 Friday.