Symantec shares are off 10c to $14.90 and notable volume in the Sep. $16 calls as a block of 18,500 (now a total of 25,000) have traded at the 35 ask price most likely tied to stock. The computer software company is set to report earnings after the close.

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

Mechel, a Russian based iron mining and steel company, shares are off 35c to $21.90 and notable trade in 2012 as the $17.50/$25 call spread trades 3,500x in what looks like an opening purchase for a $3.55 net debit.

AIG adds 39 cents to $39.54 and a block of 50,000 February 39 calls trades at $6.10 when the bid-ask spread is $6.05 to $6.25. Looks like a call writer opening a new position, perhaps a shareholder implementing an over-write strategy. AIG is expected to report earnings around Aug 5.

Patriot Coal (PCX) shares lost 9.3 percent, to $12.40, post-earnings yesterday and a noteworthy trade surfaced late when a strategist apparently bought the Jan 11 – 20 call spread at $2.61, 6950X. Open interest indicate new positions in both legs and therefore a spread that makes its best profits if shares rally 61.3 percent through the January 2011 expiration. Shares are down another 24 cents to $12.16 this morning after BMO Capital cut PCX to Market Perform from OutPerform.

Genzyme (GENZ) has given up early gains and is down a dime to $67.28 late Tuesday, but is up more than 25 percent since last week’s news that Sanofi Aventis (SNY) might make a bid for the company. Options are actively traded again today. This morning, for example, a bearish three-way spread surfaced when a strategist sold 7000 October 75 calls at $1.60 to buy 7000 Jan 50 – 65 put spreads at $3.70. The spread, which looks like a new position, has been repeated more than once and volume in the Jan 50 – 65 put spread is approaching 10000. The action might be hedging activity by shareholders to protect recent gains in GENZ shares. Reuters reports today that Genzyme is considering SNY’s informal takeover request, but isn’t actively attempting to sell the company.

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

A number of new ‘weekly’ options will be listed this Thursday, with expiration at the close Friday Aug 6: new names include GE, CSCO, PFE (earnings 8/3), RIG (earnings 8/4) and DNDN will be listed. Today’s volume in weeklys just passed 300K contracts, with 1/3 of that in SPY, and single stock leaders AAPL, BP, and AMZN.