Some less actively traded names seeing bullish order flow: Onyx Pharmaceuticals (ONXX), Illimuna (ILMN), Convergys (CVG) Bearish order flow: Meridian Holdings (MHLD), Prepaid Legal Services (PPD), Grand Canyon Education (CGNX) Post Earnings: Marvell Tech (MRVL) Pre-Earnings: Poniard Pharmaceuticals (PARD) Ex-div.: Public Service Enterprise (PEG), Traveler’s (TRV), Reynolds American (RAI), Ameren (AEE), PPL, Baxter (BAX), News Corp (NWSA).

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

Royal Carribean (RCL) is up 64 cents to $29.58 and options volume is 5X the average daily, led by a buyer of 20K June 25 puts at $1.075 per contract. It was tied to shares at $29.25 and appears to be a volatility play, the day after Goldman upped the stock to Neutral from Sell. Earnings due mid-to-late April.

Best Buy (BBY) is up $1.45 to $38.60 and options volume is 3X the average daily levels, with 29,000 calls and 19,000 puts traded so far. While some of the activity in the March 38, 39 and 40 calls is likely closing, April 38, 40, and 41 calls are among the most actives. Some players are likely opening new positions ahead of Best Buy’s March 25 earnings release. Plus, Apple Computer now says its iPad will be available in the US on April 3. According to a recent Apple Insider report, the new device will be available at a variety of different locations and not just the Apple retail store. Best Buy was mentioned. So, the gains in BBY shares and the uptick in call volume might be in anticipation of the US debut of Apple’s iPad.

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

Verisign (VRSN) is up 24 cents to $26.49 and options volume is running 6X the recent average daily. The top trades have been on the bid on the ISE and include 4636 Jun 25 – 27 strangles at $2.30 per strangle. Looks opening. June 24 puts and June 29 calls are also trading on the bid. The action comes as VRSN extends a recent rally, up 16.5 percent in less than a month, and heads to new 52-week highs. Some investors might be selling strangles on the view the stock will flatten out and stay in range during the weeks/months ahead.

Virgin Media (VMED) added 15 cents to $16.70 and a noteworthy trade yesterday was the purchase of 8,100 Jan11 $20 calls at $1.35. Open interest data indicate a new position was established. It was tied to shares at $16.53, delta neutral, according to a source on the floor. After rallying 12.8 percent in the four days ended Mar 1, shares have been consolidating and yesterday’s premium purchase appears to be a volatility play on VMED. The co. reported earnings on Feb 26. Collins Stewart said Wednesday that, after viewing the debut of TIVO’s Premiere service last night, they are optimistic about VMED’s prospects to increase UK TV market share.

Premium Sample (posted Feb 24, 11:38 a.m.) Intermune (ITMN) is off 2 cents to $14.76 and March 30 calls, 7.5 puts are seeing interest. One player bought the bullish risk-reversal at 7.5 cents, 2900X. The trade is probably related to the company’s Mar 9 FDA panel review for pirfenidone. Recall that on Monday (see 12:54 color), volume surged and the action included a Mar 25 – 30 – 35 bullish call fly at 50 cents, 2000X. The focus on Mar 30 calls, today and Monday, seems to reflect expectations for a substantial percentage move before the March expiration. Indeed, implied vols are up anouther 3.5 percent to about 272.