Cavium Networks (CAVM) has been grinding higher throughout the session and is up $1.13 to $22.10, near session highs. The optoins order flow is interesting, as 7220 puts and 550 calls traded. The put volume represents 8X the normal and it looks like some investors are buying Nov-22.5 puts as the stock moves higher, with 1369 traded and 75 percent hitting ask-side. March 22.5s are the most actives, with almost 3,000 traded and about half hitting ask-side. Mar 17.5 and 20 puts are seeing interest as well. Implied volatility (average) is up to 43.3, from about 40 late Friday.

Nokia (NOK) is up 24 cents to $15.29 and options volume is running 2X the average daily, with about 23K calls and 21K puts traded on the session. The top trades of the day surfaced about 10 minutes ago and appear to be part of an April 14 put – 16 call risk reversal that traded on the CBOE 8300X. Looks like an investor paid 28 cents to buy calls, sell puts.

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

Genworth (GNW) is up 81 cents to $12.68 and options are active, as players jockey for position in anticipation of it’s next move. 27K puts and 17K calls traded. Recent trades include a sweep of 5000 Dec 15 calls at the offer for $1.10. More than 11.5K now traded. Meanwhile, 2,500 Jan10 $5 puts were bought in a sweep for 80 cent per contract. 10.7K now traded. No headlines to explain the action and implied volatility (average) is up to 82, from about 78.4 late Friday.

Crucell (CRXL), which saw a noticable uptick in options action last Monday on talk Sanofi (SNY) might bid for the company, is down $1.39 to $22.31 today, even after J&J (JNJ) unveiled plans to take an 18 percent stake in CRXL (Link to Story). The action in the options pits seems to reflect some disappointment as well, with volume hitting 3X the usual. Sellers are active in Dec 20, Oct 20, Nov 25, and Oct 22.5 calls. Meanwhile, implied volatility (average) in CRXL is crashing down below 50, from about 61 late Friday.

Green Mountain Coffee Roasters (GMCR) rallied in morning trading Monday and hit a new 52-week high. Shares are up $4.19 to $73.12 and GMCR October calls are seeing heavy trading. October 80s are the most actives, with 1,925 traded and 84 percent hitting ask-side. With volume exceeding open interest, it looks like call buyers are looking for additional upside. Two-sided trading seen in the Oct 70s and 75s. Implied volatility (average) is up to 57.3, from about 53 late Friday. Still checking for possible catalysts behind today’s relative strength and speculative call activity in GMCR.

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

Research in Motion options are the second most active single stock today, continuing action from last week when the stock shed more than $15 on disappointing earnings. With shares down about 2% near $67.37, the Oct 65p and 70c lead the flow, with nearly 12,000 of each on the tape and bid-side flow suggesting sellers leading the activity, possibly with a view that shares will settle into a range over the next few weeks.

Acorda Therapeutics (ACOR) had a trader buy the November $25/$30 call spread for 1,000 contracts at $1.90 with shares at just $23.54 Friday, betting on positive FDA announcement. The spread also neutralizes some of the impact of the 123% implied volatility. Acorda has one of the leading Multiple Schelrosis drugs and recently released safety data for Fampridine-SR as well as positive study data for the drugs effectiveness. The FDA PDUFA date is set for October 22nd, and this trade is betting on a positive outcome.