Analysts expect Intel (INTC) to report 30 cents per share, up from 28 cents last quarter (which beat by 3 cents), when the chipmaker reports after the closing bell. There has been heavy trading in INTC options in the days leading up to the news and the action continues today. Shares hit a new 52-week high, now up 50 cents to $21.46, and 673K contracts traded (437K calls). The top trade is 20K Apr 20 puts at 74 cents, which was sold against 660K shares. Recent trades include two blocks of Apr 23 and 24 calls on ISE (4000 ea), which looks like a stupid spread (they bought bought the April 23 and 24 calls, a total of 8000) bought at 87 cents because data indicate opening customer buyers. Finally, the Jan 21- 20 put spread recently traded at 26 cents, 7200X. So, a lot of activity in Intel this week, including large blocks today — as individual and institutional investors adjust positions ahead of the highly anticipated earnings announcement.

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

Eastman Kodak (EK) is seeing a day of heavy trading after the company filed lawsuits alleging Apple (AAPL) and RIM (RIMM) infringed on EK’s digital technology. Eastman is looking for the ITC to prevent the two tech companies from importing infringing devices to certain mobile phones and other devices featuring digital cameras. EK is up 17 cents to $5.10 and options volume is running 17X the average daily. 29K calls and 9,060 puts traded. The action includes 13.9K Jan 5 calls, with some players possibly closing out buy-writes; as 7000 contracts traded at the offer this morning (25 cents) were tied to 305K shares at $5.18.

Goldman Sachs February $180/$185 call spread trades 10,000 times (total 14,459 now) with buyer paying 95c net debit.

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

Virgin Media shares are up 15c to $17.25 and option volume is 6x the daily average being driven by large blocks in the March $15 puts which have traded 5,000 and the June $20 calls which have traded 8,790 contracts. Open interest in both is sufficient to cover so this is potentially liquation as shares are just shy of 52-week high.

Las Vegas Sands (LVS) runs 63 cents higher, to $18.92, and 4155 Jan 19 calls traded (62 percent Ask) early. There’s vague talk making the rounds about new licenses to operate at Cotai Ferry. More than 20000 calls now traded.

Humana (HUM) February $48 calls traded more than 6,000 contracts Wednesday, as bullish action continued in the healthcare names. Shares were at $45.56 when the trades hit, and closed at $47. HUM is in a sharp trend higher and have some resistance at $50 and then a major gap from 53.65 to 62.37. Humana is one of the best valued at 8.8X earnings, PEG of 0.7, 6.4X cash flow, and 1.1X cash value. There was also bullish action in Wellpoint (WLP) February $65 calls with new opening buyers and 3,100+ trading on the day, offer side buyers. Bullish bets continue to come into the healthcare plan stocks that trade at some of the best values in the market, and clarity coming soon as to the details of the healthcare bill.