Some less actively traded names seeing bullish order flow: Western Union (WU), Wimm Bill Dann Foods (WBD), Assured Guaranty (AGO) Bearish order flow: Hertz Global Holdings (HTZ), Crown Holdings (CCK), Eastman Chemical (EMN) Post Earnings: Apple Computer (AAPL), US Steel (X), Verizon (VZ), Weatherford (WFT), ZION, Baker Hughes (BHI), EMC, VM Ware (VMW), DuPont (DD), Travelers (TRV) Pre-Earnings: Yahoo (YHOO), Valero (VLO), United Technologies (UTX), Ex-Div: Kinder Morgan Energy Partners (KMP), ONEOK Partners (OKE), Enterprise Products Partners (EPD), Conagra (CAG), Omega Healthcare (OHI)

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

Pfizer (PFE) loses a nickel to $18.80 Tuesday morning and the Feb 19 – 20 (1X2) call ratio spread is bot at 16 cents, 15600X. It might be rolling or closing, as open interest is sufficient to cover. If not, it’s an opening trade targeting $20 per share by the February expiration (24 days) and comes ahead of a Feb 3 (before market) earnings release.

Barnes & Noble (BKS) is up $2.92 to $20.30 and options are actively traded after Tech Crunch reported that the new Apple Tablet might come with a Barnes & Noble bookstore (link). Shares launched higher in early trading and, in the options market, 14K BKS contracts traded — or about 20X the expected for midday action. 9860 calls and 4570 puts traded. Feb 20 puts and calls are the most actives and, as investors brace for additional volatility in shares, implied volatility (Feb straddle) has jumped about 12 percent to 60.

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

Citigroup (C) is up 2 cents to $3.25 and the top equity options trade so far today is a block of 43,474 Citi Jan 2012 $7.5 calls traded at the asking price of 20 cents per contract. It looks like a premium buyer, possibly closing, as existing open interest is 237K.

Spyders (SPY) lost a nickel to $109.72 and a large put ratio spread was initiated Tuesday morning. According to sources, an investor sold 120,000 March 100 puts to buy 240,000 Mar 85 puts. This backspread is an opening position at a 70 cent credit. It yields profits if the SPY holds above $100 or falls below $70.70 at the March expiration. (Risk graph courtesy thinkorswim. click to enlarge).

Apple Computer (AAPL) is flat at $203.07 after the co. reported first quarter earnings of $3.67 per share on $15.68 billion in revenues. Analysts were expecting $2.07 on $12.06 billion. The lackluster reaction in shares stems from uncertainty related to the impact of new accounting rules, which requires Apple to recognize revenue and costs for iPhones and Apple TV when those products are delivered to customers. It led to an acceleration of earnings and revenues. So, shares are flat despite the strong headline numbers. Feb 210 and 220 calls are among the most actively traded equity contracts early, with some premium sellers likely disappointed with the poor reaction in the share price.