Kellogg’s (K) has seen a sudden increase in activity. Shares saw a spike on increasing volume a few minutes ago and are now up 48 cents to $47. The move was accompanied by a lot of 9785 Jan10 45 calls at the offer for $3.60 and multi-exchange sweep of 3873 Jan10 45 calls for $3.50. Almost 14K now traded, compared to open interest of 15.1K.

Devon Energy (DVN) is down $1.43 to $61.14 on a tough day for the energy names. Crude oil slipped $3.14 to $69.60 a barrel. One strategist appears to be taking the contrary view of today’s action: bought 10K Jan11 70 - 100 call spreads for $6.18.

*Scanning all single-stocks subject to 2500 contracts minimum call or put volume

Washington Federal (WFSL), a Seattle-based savings and loan, is down 33 cents to $14.95 and total options volume is running more than 100X the average daily. The activity is heavily concentrated in Jan10 puts at the 15 strike. 3,439 traded, compared to open interest of 472. Looks like buyers dominating the action, as two thirds hit ask-side and WFSL implied vols (average) moving up to 43, from about 35 late Friday.

Patterson UTI (PTEN) is down 56 cents to $13.16 and some players are showing interest in Sep and Oct 15 calls after Baker Hughes (BHI) bought BJ Services (BJS), sparking speculation that Halliburton (HAL) might make a bid for PTEN — Briefing. Shares aren’t reacting, but options are active and average implied volatility in PTEN options is up to 52, froim about 48 late Friday (52 week high and low = 144 and 44).

Satyam Computers (SAY) is up 80 cents to $6.28 and some players appear to be looking for additional upside, with active trading in Sep and Oct 7.5 call options Monday. 5,590 Sep 7.5s traded, compared to open interest of 1847 of open interest. SAY implied vols jumped to 106, from about 80 late Friday.

*Scanning all single-stocks subject to 2500 contracts minimum call or put volume

Mastercard (MA) is down $2.08 to $201.49 and an investor pays $2.70 for the Oct 180 - 190 put spread, 2000X.