AMR loses 17 cents to $8.05 and options on the airliner are busy today. Dec 7 and 9 calls were active this morning on takeover chatter, according to Briefing. Recent trades include a buyer of 7550 Jan 7.5 puts at the 50-cent asking price. It was bought and tied to shares (33 delta), according to a source on the floor. 11,140 now traded. Implied volatility in AMR is up 8 percent to 54. Delta puts were actively traded yesterday. Some players might be taking positions in anticipation of increased volatility heading into the busiest period for US travel. Things might get dicey at some of the major airports due to the recent uproar over TSA security procedures, which now include full body scans and uncomfortable law enforcement-style pat downs. According to the Associated Press, A loosely organized Internet campaign is urging people to refuse the scans on Wednesday in what is being called National Opt-Out Day.