McDonald’s (MCD) gapped lower and is easily the worst perforrmer in the Dow Jones Industrial Average on disappointing same store sales numbers. MCD is down almost 3 percent to $73.86 after reporting an increase in global same store sales of 4.9 percent in August. Maybe investors were looking for more. Shares are taking a hit. Options volume is 2X the average daily, with 37K contracts traded so far. The top trades were intiated by one investor — selling the Jan 75 calls at $2.75, 9900X, and buying the Mar 80 calls at $1.58, 7500X. Looks like a roll out a few months and up 5 strikes. Beyond that, most of the action has been in smaller lots. The next biggest trade is 200 Oct 72.5 puts at the $1.18 ask. Implied volatility in MCD is up 5 percent to 20, compared to a 52-week high and low of 30 and 14.