Pepsico (PEP) is up 78 cents to $55.49 and 17,000 calls traded, or about 7X the expected for midday trading. The increased volume in Pepsico comes just a few days after Barron’s Online featured the stock, saying PEP is trading at historically low valuations and offers a 3.2 percent dividend yeild. Not all of the flow is bullish today, however. In fact, 65 percent of today’s calls have traded on the ISE where sentiment data indicate that only 13 percent are opening customer call buys. The top two trades: 2500 Aug 55 – 57.5 call spreads (looks like bought 2500 55s and sold 5000 57.5s).