Weyerhaeuser (WY) is up $2.50 to $45.01 and options are seeing action after the company announced plans to convert to a real estate investment trust [REIT]. The timing is still under consideration, but by the end of the year of conversion ,WY must issue a special, taxable dividend of its undistributed earnings and profits. It expects 2010 earnings and profits of just under $6 billion. In the options market, the focus is on the short-term, however, with Dec and Jan 46 calls trading ask-side. 5990 calls and 2780 puts traded so far, or about 3X the average daily volume.