Some less actively traded names seeing bullish order flow: Exact Sciences (EXAS), Extreme Networks (EXTR), Avnet (AVT) Bearish order flow: Wright Medical Group (WMGI), Navigant Consulting (NCI), Thoratec (THOR) Post Earnings: Ciena (CIEN), DISH, Take Two (TTWO), SINA, Urban Outfitters (URBN) Pre-Earnings: Marvell Technology (MRVL) Ex-div.: Tim Hortons (THI)

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

Baidu.com (BIDU) with a high volume spike about 20 minutes ago, now up $6.20 to $523.22. Options action picking up somewhat, with 4460 calls and 7700 puts traded. Recent trades include lots of Mar 530 puts on the bid. Looks like sellers collecting $15.60.

Delta shares are off 25c to$12.70 and option volume 3x the daily average is driven by a bullish risk-reversal involving the June $12 put and $14 call which traded 10,200 contracts for a 15c credit. The transaction was tied to 1.03 mm shares at $12.66 — reverse collar.

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

TIVO shares rally $4.40 to $14.61 and options action heats up after an appeals court rules against DISH in a contempt case. Shares rallied to 52-week highs on the news. 25K calls and 13K puts traded so far. Mar 10 puts are the most actives. March 10, 12.5, and 15 calls are busy as well. The IV crush is on — down 37 percent to about 85.

Note: We’ve highlighted two days of bullish trading in TIVO in our premium section, including bullish trading in the April 12.5 – 15 call spreads at 50 cents Tuesday. Please register for more information about WhatsTrading.com Premium.

Applied Material shares are off 12c to $12.24 and option volume is 5x the daily average driven by large transaction in the July $12 puts and $13 calls. 30,781 contracts traded in what was a short strangle at $1.46. Based on prior open interest of just 3,500 and 6,100 in each strike this will translate into a new position.

Unusual action in Trina Solar (TSL) after an investor apparently opened a bearish risk-reversal Tuesday, only to close it Wednesday. The position was opened Tuesday midday on ISE when shares traded around $22.50. At that time, 7000 Mar 20.5 puts traded at the ask of 55 cents and 7000 Mar 24.5 calls on the bid 35 cents. ISEE data indicate the puts were opening customer buys, but not the calls.

Then, yesterday, similar action surfaced in morning trading and this morning’s open interest data indicate more than 6000 contracts were closed in both the March 20.5 puts and March 24.5 calls. Better than expected earnings from Canadian Solar (CSIQ) sparked a rally in the solar names yesterday and this strategist might have opted to exit most of the trade rather than risk further losses. TSL is up 75 cents to $24.05 as the advance continues today.