After rallying 11.8 percent on news the FDA approved United Therapeutics’ (UTHR) lung drug Thursday, UTHR is down $3.10 to $92.49 on disappointing earnings news today. The co. reported a 9 cent per share loss. Analysts were looking for a 55-cent profit. In the options market, trading remains active, with 9,480 calls and 2,450 puts traded so far. The top trade is 1,609 Nov 105 calls on the ISE for $3.40, which is an opening customer buyer. More than 2000 now traded. Looks like buyers of Aug 110 calls as well. Implied volatility is little changed, at 35 percent (not far from a 52-week low of 33.65 and below 30-day actual volatility of 41.3 percent.)