Some less actively traded names seeing bullish order flow: World Fuel Services (INT), Mellanox Tech (MLNX), Rite Aid (RAD) Bearish order flow: Ducommun (DCO), Sonus Networks (SONS), POOL Post Earnings: Newmont Mining (NEM), Blackstone (BX), Kohl’s (KSS), Express Scripts (ESRX), Foster Wheeler (FWLT), Mylan Labs (MYL), Safeway (SWY), Salesforce.com (CRM), Netease (NTES) Pre-Earnings: Gap Stores (GPS), LEAP, Flour (FLR), Hansen (HANS) Ex-div.: None

Apple Computer (AAPL) has recaptured the $200 level and is at session highs of $200.74 (+.08) on unusubstantiated talk the company will announce a four-for-one stock split — on CNBC. The action started about 45 minutes ago. In the options, the reaction is muted so far. Total volume is running about 66 percent the typical levels. March 200 and 210 calls are the most actives, with more than 13K traded in each contract.

While a split is cosmetic in nature and has no impact on the value of the company, some believe that a stock split can drive shares higher because the lower stock price makes it more appealing for smaller retail investors. The net result is an increase in demand for shares. The academic research on the topic is mixed, but there does seem to be some evidence that taking a position before the split announcement is made and holding a week or two after the split takes place can produce good results.

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

Palm options volume is elevated for a second day, as shares trade near $7, down 13.5%, after opening nearly 20% lower at 6.50 on downward guidance. Yesterday saw massive volume in April, with 77,000 contracts of new open interest resulting from a bullish 3way in which a customer bought the April 9-11 call 1×2 and sold April 7 puts for a credit. Today’s marks put paper losses on that block near $800K. Puts lead today’s volume, with implied vols up 10 points in the front term and a large buyer of May 7.5 puts against smaller sales of March 9 puts and May 10 puts.

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

First Solar (FSLR) is trying to dig out of a hole after FBR Research said a possible German phaseout of farmland tarriffs could dampen FSLR’s future profitability. German parliament is debating later this week and options include total removal of the tarriff. FSLR hit a new 52-week low of $98.71, but has since battled back to $102 (-$3.13) and up 3.3 percent from session lows. Options action is picking up as well, with 17K calls and 18K puts traded. Action is mostly focused across March puts and calls with strike prices ranging from 90 to 120. Implied volatility is up 2 percent to about 55.

Gamestop (GME) touched a new 52-week low and is off $1.53 to $17.33 Thursday morning after the company’s CFO resigned to join Wal-mart. Piper Jaffray also downgraded GME today to Neutral from Overweight saying, among other things, interactive game sales are clearly shifting from packaged goods to digital. GME is reeling on the news and broker commentary. Meanwhile, in the options, trading is brisk. 10K calls and 8000 puts traded so far. Players are actively jockeying for the stock’s next move with active trading seen in March, July and Jan11 puts and calls. Implied volatility is up about 7.5 percent to 35.

Stocks are set to open lower on disappointing economic data and weakness in overseas markets Thursday. Thirty minutes before the opening bell, stock index futures hint at a possible triple digit early loss for the Dow Jones Industrial Average.

Stock index futures fell after the Labor Department reported that weekly jobless claims rose by 22,000 to 496,000 last week, which was much worse than the 14,000 decline that economists had predicted.

Separate data was a bit brighter. Durable goods rose 3 percent in January, or about twice the expected. However, the focus seems to be on the poor jobs numbers and the news comes after a report yesterday showed new home sales falling to record lows in January.

Attention gets back to Federal Reserve Chairman Ben Bernanke later today. Yesterday, stocks rallied after Bernanke pledged to keep rates low as long as needed to help the economy. Today, the head of the Fed will continue testimony before the Senate Committee on Banking, Housing, and Urban Affairs at 9 a.m. eastern time.

Meanwhile, equity markets are broadly lower across Europe after S&P warned it might cut Greece’s debt rating to junk status within a month. France’s CAC 40 is pacing the decline with a 1 percent loss.

In the US, bonds are holding solid gains on the poor jobs data and concerns about Europe’s credit markets. The benchmark ten year Treasury is up 11/32nd and its yield has fallen to 3.65 percent.

The dollar fell 1.03 to 89.07 against Japanese yen. Meanwhile, the euro lost another .0067 to 1.3467 against the buck.

Energy, metals and miners are likely to open lower after crude slipped $1.34 to $78.66 a barrel and gold gave up $3.2 to $1094 an ounce.

Among the other stocks to watch, Dow component Coca Cola (KO) lost 3 percent after announcing plans to buy most of Coca Cola Enterprises (CCE). Dr Pepper Snapple (DPS) is up 8 percent on better-than-expected earnings. Express Scripts (ESRX), The Limited (LTD), and Excel Maritime (EXM) are also seeing post-earning gains. Nike (NKE) rose 1.5 percent after being added to Goldman’s Conviction Buy List. Gap Stores (GPS) might see some action ahead of earnings, due out after the closing bell.