McMoran (MMR) is down $1.06 and options are actively traded after analysts at Wunderlich downgraded the stock to Hold from Buy and said the negative publicity from the BP offshore oil spill is likely to depress the entire offshore group. Indeed, options are heavily traded in a number of names this morning (BP, RIG, APC, APA, ESV) and MMR is one of them. 7375 puts and 5145 calls traded so far. May 11 puts are the most actives. 2697 traded (80 percent Ask). May 12.5 and June 11 puts are seeing interest as well. Implied volatility is rallying about 22 percent to 75, a new 52-week high.