Ford shares are down 55c to $12.70 following the pricing and sale of some $1.7 billion in warrants that will go towards the UAWs retirees’s medical benefits program. Option activity is running 2x the daily average with the most active strike being the April $14 call with 47,000 contracts traded which represents over 50% of the open interest. Two sided trade in the April $13 put with 26,000 contracts traded.