Stocks show some resilience. Hold modest gains. Read More.

Vulcan Materials (VMC) is up 19 cents to $36.54 and 13K puts have traded, or about 6X (612 percent) the expected for this time of day. Most of the activity is in the May 35/30 and April 35/30 put spreads. Both traded 3000X. Looks like the same buyer opening bearish positions in April and May.

Ryder Systems (R) is up 95 cents to $22.58 and options volume is running 2X the average daily on increasing interest in August 25 straddle, which traded 1250X on the NYSE this morning. Both legs hit bid-side and is perhaps a seller collecting $9.00 even.

Freeport McMoran (FCX) is up 73 cents to $34.90 and 83,000 calls traded, compared to 27,000 puts. The top trades of the day are in the May 35 and 40 calls after a strategist apparently bought the spread 24000X for $2.15 on the NYSE. One of the legs might be closing and it could possibly be a roll from the lower to the higher strike.

Sun Micro (JAVA) is up 26 cents to $4.46 and July 4 calls are actively traded after an investor bought 12.2K contracts for $1.10 on the PHLX.

Axsys Technologies (AXYS) is up $8.81 to $36.81 and hit a high of $39.25 following a Reuters report that the company has put itself up for sale, asking roughly $60 per share. In the options market, volume is running at 22X the normal levels, with 6300 calls and 1,400 puts traded. Most of the activity is in the Mar and April 35 calls. While some of the higher strikes are seeing some volume, the overall trading in the options market seems to reflect skepticism about the company’s ability to get a price significantly greater than current levels.

CF Industries (CF) is up $67.18 and Mar 75 calls are being bought on talk Agrium (AGU) might make a hostile bid for the company. AGU’s initial bid for CF was rejected.

Schlumberger (SLB) is down 89 cents to $39.63 after crude slips $2.16 to $43.55 a barrel on bearish weekly inventory data. In the options market, SLB options are actively traded and the day’s activity includes a substantial May 45/55 call spread on the AMEX around 10:30 ET. At that time, a customer paid $1.75, 10000X. It appears to be a new position and one tied to shares at $39.25.

Dips Below $44

Utility ETF call activity over past week shows a massive upside position of nearly 300,000 contracts, concentrated at the 25 and 26 strikes. ADV in the XLU ETF is nearly 8 million shares, so the 250,000 contracts equates to 3 times the adv in the underlying– not easy to hedge without trading the basket. Buyer may be shorting one or more component stocks- top holdings are EXC, SO, FPL, D, DUK, PCG. Nearly $18million spent on XLU calls in 4 days.