Pepsico (PEP) gapped lower and is off $2.45 to $61.03 after the company trimmed its 2009 earnings outlook and, separately, said it was dropping its Gatorade drink named after golfer Tiger Woods. Shares are down and options volume is about 4x the expected for midday, with 11K calls and 7330 puts traded. Dec and Jan10 calls at the $62.5 strike are the most actives, as some investors might be selling to close positions on the news. Dec 60 and Jan10 57.5 puts are seeing some action as well. Implied volatility (average) is up to 19.5, from about 18.8 late yesterday.