Intel (INTC) Possible bullish positioning in Intel. The June $17 calls were sold 14,000 times at the bid of $0.24, the volume exceeds strikes prior open interest and price was below theoretical value. This appeared to be coupled with the purchase of 1,500 of the July $15 calls which were purchased at the $1.33 ask price. As 9-to-1 ratio seems a bit extreme, and to be done for a large debit, this could be roll into a later and higher delta strike.

Nokia (NOK) is up 68 cents to $13.86 and June 14 calls are seeing some interest. Recent trades include a multi-exchange sweep of 9,900 contracts at the offer for $1. Looks likeMay 14 calls are also being bought. No news today. Nokia reported earnings on April 16.

Banco Bradesco (BBD) is up 56 cents to $12.15 and Jan-2010 puts at the 10 line are seeing interest after an investor bought 3,550 contracts for an average of $1.4725. Position was tied to BBD shares at $11.90 (27 delta). Looks like a new position, as existing open interest is 1,450. No news today. Earnings expected early May.

Chico’s (CHS), a Fort Myers, FL-based apparel retailer, is up 26 cents to $7.23 and options volume is running 6X the average daily. 10K calls and only 10 puts traded. Most of the volume appears to be due to one strategist, possibly selling 4700 May 7.5 calls to close and rolling to 2700 June 7.5 – 10 call spreads. All traded on NYSE. No news today. Earnings due out late-May.

Medtronics call volume well above normal this morning, with shares little chgd near 30.55. June 33 calls lead the action with a seller collecting 85c for a total of 8000 to open a new position that suggests a view that upside for shares is limited. 52w low or $24.06 was touched March 9 and earnings due just after May expiry.

Select Sector Financials (XLF) are up 22 cents to $10.65. BofA (BAC) is up 5 percent ahead of its highly anticipated annual meeting (begins in 5 min.), which is expected to include a vote regarding CEO Ken Lewis’ status on the Board. (Link to story). In the options, a number of financial names (C, WFC, KEY, BAC) are in the list of most actives early. XLF is one of them, after the May 11 – 13 call spread traded 15000X for 42 cents on the PHLX. Looks possibly like a seller.

Etrade shares taking a hit post earnings, down about 27% to $1.78. The company reported earnings that missed Street estimates by a penny and also warned that it would raise new capital through public issuance and or private investors. Either ways, ETFC shareholders are likely to see some earnings dilution and, for that reason, the stock is taking a hit Wednesday morning. (Link to story).
Yesterday’s bullish involved buyers of the May 3 calls in the 25c range, with 13,000 trading on the day to create 8660 contracts of OI. Those appear to be a bust but last week’s large volume in Oct 1 and July 2 Puts suggests gains from a ratio trade. On 4/23 a non-cust buyer paid 20c for nearly 30,000 Oct 1 puts, possibly in a 1×2 put spread against 15,000 July 2 puts that traded for 40c. Both opened and net outlay for buyer of the package was zero. Share price drop and moderate IV decline now has package worth 10c.

Stocks set to open higher despite grim GDP data. Read More.

Overstock (OSTK)Overstock (OSTK) saw the June $10/$15 straddle sold 750 times yesterday. The net debit was $1.25 and this was an opening position. Since the company reported earings on April 22 IV has declined from 105% to 84% which is low end of 52 week range. Stock has traded between $11 and $13 for past three weeks settling at $12.52 on Tuesday

Dendreon (DNDN) finished the day down $9.74 to $11.81. The stock was halted midday as data were released at an AUA meeting today. The NASDAQ was also investigating two minutes of trading in DNDN that might have included some brokerage errors between 1:25 and $1:27–Bloomberg. However, no errors were found. Was the midday sell-off warranted?

Update. Shares surge 123 Percent in After Hours. Link to story.