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.

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

Alpha Natural Resources (ANR), which rallied 8.1 percent Friday on reports the company is seeking to expand its metallurgical coal holdings (Bloomberg), is down $1.05 to $50.49 midday Tuesday. Meanwhile, 10,370 March 55 calls traded. The top trade is 1500 at $3.60 when the market was $3.40 to $3.60. In all, 79 percent traded at the ask and, with open interest of just 221 contracts, it looks like call buyers are opening new bullish positions in ANR. Jan 49 puts and Jan 52.5 calls are seeing interest as well. Implied volatility is up 2.5 percent to 47.

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

Nuance (NUAN) adds 71 cents to $17.82 and 16,000 calls traded on the Burlington, MA application software developer. Shares hit a morning high of $19.19 after the company released earnings after the close of trading yesterday. The stock is also in the spotlight after TechCrunch published a piece this morning dispelling the idea that Apple Computer (AAPL) is acquiring NUAN. The TechCrunch story was in response to recent comments from Apple co-founder Steve Wozniak, who in a video interview last night apparently incorrectly mentioned that Apple “recently bought the company Nuance.” In any event, NUAN is off session highs and options action is brisk. December 15, 17, 19, 20 and 21 calls are the most actives. Implied volatility is up about 15 percent to 47.

Electronic Arts (ERTS) loses 41 cents to $15 and one strategist sells 75,000 ERTS January 20 calls at 7 cents to buy 40,000 Mar 20 calls at 25 cents. Since the Jan 20s have more than 90K in open interest, this is possibly a roll. If so, it closes out a position in Jan 20 calls opened in late-June and July. With shares down 15.3 percent since 10/11, these calls are now $5 out-of-the-money. The strategist might now be opening in March to buy an additional two months for the trade to play out.

Tyson (TSN) adds 61 cents to $16.25 after reporting quarterly earnings that topped analyst estimates. Meanwhile, options volume is 5.5X the average daily, being driven by a Jan 12.5 – 15 put spread, apparently bought at about 32.5 cents, 8000X. Looks like a roll down of puts, as open interest in the January 15 puts is more than 37K and the largest position in Tyson. Implied volatility is down about 15 percent to 34.