Some less actively traded names seeing bullish order flow: Polycom (PLCM), Phillips Van Heusen (PVH), GMXR (also pre-earnings) Bearish order flow: Savvis (SVY), Intersil (ISIL), Varian Semi (VEA) Post Earnings: IMAX, Clean Energy Fuels (CLNE), ATP Oil and Gas (ATPG) Pre-Earnings: Ann Taylor (ANN), National Semi (NSM), Aeropostale (ARO) Ex-div.: Navios Maritime (NM), Burger King (BK), Mercury General (MCY)

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

Cheesecake Factory (CAKE) touched a new 52-week high and was recently up 60 cents to $26.63. Options volume is running 10X the average daily, with some unusual activity seen in July and October puts. A total of 20K puts traded, compared to 2290 call options. July 22.5s are the most actives. 7723 traded (89 percent ask). The top two trades were 607 and 594 contracts at 65 cents. July 20 puts are trading 92 percent on the bid and so some of today’s flow might be spreads. July 25, 17.5, Oct 20, and Oct 17.5 puts are seeing interest as well, with volume exceeding open interest in all six contracts. No news today. CAKE was the subject of a downgrade Tuesday (MKM Partners to Neutral). Implied volatility is flat around 35 percent.

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

Terra Industries (TRA) is off 10 cents to $46.85 and an investor pays 30 cents for the Mar 45 – 46 put spread, 15000X. It might roll a position up in strikes, but seems like a defensive play. CF Industries (CF) has started its exchange offer for TRA common stock at $37.15 in cash plus .0953 of a share of CF. CNBC’s Faber said yesterday that Yara’s Board of Directors is meeting today to see if they want to revise, perhaps top, CF’s bid. They have 5 days to do so. The put spread is likely a short-term hedge should, for whatever reason, the buyout fall apart. March options come off the board at the end of next week.

Interest in Citi (C) calls continues. 1.47 million traded in the name yesterday, creating 223,000 contracts in new open interest. Today, shares are up 6 cents to $4.02 and one player pays 10 cents for June 5 calls, 50000X. 240K calls and 66K puts traded in Citi during the first 30 minutes Thursday.

Waters Corp (WAT) was mentioned intraday Wednesday, with unusual call action and it continued throughout the day with shares closing near highs, up 1.6% while IV spiked 13% higher. More than 6,600 calls traded, which is 35X average, and comes after the recent takeover of Millipore has many thinking Waters could be next as a filtration play. The March 65/70 and April 70 calls attracted buyers, mostly offer side on the 100+ contract orders. Shares trade 15.4X earnings and 18.8X cash flow. The recent breakout has shares eyeing a move to 2008 highs around $70, although a takeover would likely fetch a 25% or more premium.

Stocks are set to open lower on disappointing weekly jobless claims data Thursday. Thirty minutes before the opening bell on Wall Street, stock index futures indicate that the Dow Jones Industrial Average might lose 25 or 30 points at the open.

Stock index futures slipped after the Labor Department said weekly jobless claims fell by 6,000 to 462,000 in the first week of March. Economists were looking for a decline to 460,000. Continuing claims for the end of February increased to 4.558 mln from 4.521 mln and more than the 4.5 mln economists were expecting.

Separate data showed the Trade Balance narrowing to $37.3 billion in January, down from $39.9 billion in December thanks to falling imports. Economists were looking for a wider $41 billion deficit.

Bonds are modestly lower, but off morning lows on the poor economic data. The benchmark ten-year Treasury is down 2/32nd and now yields 3.73 percent.

The dollar is flat at 90.49 against the yen. The euro edged down .0011 to 1.3643 against the buck.

Energy, metals and mining names might see early weakness after crude oil lost 58 cents to $81.51 a barrel and gold shed $4.4 to $1103.70 an ounce.

Among the other stocks to watch, Mens Wearhouse (MW) shares fell 7 percent after the company reported a fourth quarter loss on lower sales and write-downs. Hott Topic (HOTT) also slipped on earnings news. Fuel Cell (FCEL) gained 5 percent after the company reported in-line earnings and also announced a new $2.1 billion contract. National Semi (NSM) might see some action today ahead of earnings, due out after the closing bell.