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

Netflix (NFLX), which saw a 12.8 percent post-earnings rally on Oct 21, is down $4.11 to $174.39. 22K calls and 22K puts traded on the movie rental company so far. The top trades look like a bearish Mar 80 – 100 (2X1) put ratio spread bought at 45 cents, 991X. The next biggest trades are Mar 75 – 80 put spreads apparently bought at 25 cents, 608X. Implied volatility in NFLX is down about 2 percent to 48 and has fallen 26 percent since the company released earnings on Oct 21. Shares are up 16.4 percent during that time. Moody’s changed NFLX’s outlook to positive from stable yesterday.

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

The top equity options trade so far today is in VALE after one strategist bought 32,000 VALE Dec 34 calls at 98 cents each. This trade, which looks opening, doesn’t appear tied to stock and comes as shares of the Brazilian steelmaker add 30 cents to $32.33. After gaining nearly 17 percent from Sep 20 to Oct 6, VALE has spent much of the month of October trading sideways, in a range. Today’s call buyer might be anticipating a breakout on the heels of the company’s earnings, which showed a record $6 billion, or $1.13 per share, third quarter profit.

Smart Technologies (SMT) saw unusual action Wednesday. Shares rallied in afternoon trading on increasing volume and settled the session up $1.11 to $14.61. Meanwhile, options volume surged to 210X the recent average daily. Most of the action was in the Nov calls. The November 15s traded 5845X (94 percent ask) and open interest increased by 5588 to 5799, now the largest position in the name. Nov 12.5 calls saw interest as well. No news on the Canadian tech company, but the action sent implied volatility ralliying 50 percent to 84. SMT is giving back some of the gains and more Thursday morning, down $1.51 to $13.16. Ouch.

DELL adds 12 cents to $14.63 and more than 20,000 Nov 14 calls traded on the computer maker so far. Most of the action was in two blocks. 9000 traded at 90 cents at 9:30 on ISE and, an hour later, another block of 8,174 traded at 88 cents, also on the ISE. Sentiment data indicate that both are opening customer buyers. Implied volatility is up 5.5 percent to 37, even as there is no news on the ticker and shares are up modestly on the session. DELL last reported earnings on Aug 19 and therefore the next report might fall outside of the Nov expiration. No date has yet been announced.

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

Pfizer (PFE) lost 21 cents to $17.28 and a noteworthy trade in the options today is a block of 58K Dec 17 calls, sold at 69 cents per contract, 58000X on AMEX. It might offset a position from July 15. At that time, 50K traded at 30 cents (account swap). Shares are up 16.2 percent since that time. 61K Dec 17 calls now traded vs. 134.2K in open interest.