Some less actively traded names seeing bullish order flow: Interpublic Group (IPG), Campbell Soup (CPB), Hatteras Financial (HTS) Bearish order flow: Marsh and McLennan (MMC), Sonus Networks (SONS), Companhia de Bebidas Das Americas (ABV) Post Earnings: Staples (SPLS), Tech Data (TECD), Cooper Tires (CTB) Pre-Earnings: Costco (COST), Eagle Bulk Shipping (EGLE), Verifone (PAY), Big Lots (BIG), BJ Wholesales (BJ) Ex-div.: Pepsico (PEP), Analog Devices (ADI), Valley National (VLY), BHP

Dendreon (DNDN) shares hit a low of $30.81 this morning on talk the FDA was asking outside doctors to sit on a panel related to Provenge. The chatter made the rounds early and was apparently driven by a note out of a boutique research firm. Well, it appears there was no substance to the report and the FDA has now publicly stated that it is not putting together an outside panel to review the product (additional commentary on today’s action.) Not only did shares bounce on the news, but DNDN touched a new 52-week high and is up $1.61 to $34.12 late Tuesday. Trading in the options market is brisk as well, with 40K calls and 64K puts traded. March 27 and 30 puts are the most actives. The action also includes a buyer of Apr 25 – 33 put spreads at $1.75, 1500X, and a buyer of April 25 – 30 put spreads at $1.38, 2000X.

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

Trina Solar shares are up 39c to $22.94 and option volume is 9x the daily average driven by the March $20.5/$24.50 bearish risk-reversal, which traded 7,000X on ISE. Sentiment data confirm that 7000 puts were bought-to-open and, with shares running to session highs, this might be a collar on an existing position (i.e. shares, plus puts, and short calls) or a straight bearish risk – reversal (puts and short calls.)

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

Abercrombie & Fitch shares are off 10c to $38.90 and option volume is 3x the daily average with several large blocks trading with the March $35 straddle traded 6,000x at and while the April $37 straddle also traded 6,000x. The transaction appears to be roll up and out ( closing the March straddle, opening April) of a to make an adjustment as shares have climbed some 8% over the past three weeks. Shares of Abercrombie were downgraded by Breen Murray yesterday and the company doesn’t report earning’s until May10.

Sequenom (SQNM) jumps $1.34 to $8.26 and 25K options already traded after Cantor Fitzgerald upgraded the biotech to Buy from Hold and raised the target to $16 from $4. The analysts met with managament and cite settlement of class action along with advances in pipeline progress as reasons for the upgrade. 18K calls and 6,900 puts traded. March 9 call and April 8 puts are the most actives. Mar 7, Mar 8, Mar 10, and June 10 call seeing interest as well. Implied volatility is elevated, around 100, as investors brace for earnings. The results are expected soon, but no date has been set. A co. spokesperson says the date should be announced 48 hours to one week before the company reports.

Stocks are indicated modestly higher following a round of mixed stock news and ahead of monthly auto and truck sales numbers. Thirty minutes before the opening bell on Wall Street, stock index futures hint at a possible 40 or 50-point early gain for the Dow Jones Industrial Average.

With no economic data to guide the morning action, the focus is on the day’s stock news. The fertilizer names are in the spotlight after CF Industries (CF) made a $47 per share bid for Terra Industries (TRA).

Domino’s (DPZ) added 5.5 percent after reporting better-than-expected earnings and revenues. MBIA (MBI) is also up on earnings. However, Staples (SPLS) fell 6 percent after its earnings failed to live up to Street expectations.

The auto makers move into the spotlight, with monthly auto and truck sales numbers due out this afternoon.

Energy, metals and miners might see early strength after crude oil rose 45 cents to $79.15 a barrel and gold gained $3.2 to $1121.50 an ounce.

Bonds are lower as equities steady for a second day and players begin to square positions ahead of tomorrow’s jobs numbers from ADP. The benchmark ten-year Treasury is off 6/32nd and yields 3.62 percent.

The dollar edged up .03 to 89.14 against the yen. The euro added .0020 to 1.3575 against the buck.