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

Cisco (CSCO) is off 8 cents to $19.53 and a noteworthy spread surfaced in morning trading, after one strategist apparently paid $3.47 for the Jan12 15 – 22.5 put spread, 35350X. The spread, which looks opening, was probably tied to 1.52 million shares at $19.62. It has also traded more than once, as volume is both contracts is approaching 40K. CSCO shares fell 16.2 percent on earnings news last Thursday. Today, the company authorized up to $10 billion in additional stock purchases.

Green Mountain Coffee Roasters (GMCR) shares are off 88 cents to $30 as Herb Greenberg appears on CNBC and says the company’s delay in reporting earnings is noteworthy because the financials are currently being scrutinized by SEC officials over accounting related issues. 11,000 puts and 3,530 calls traded in the name. Some players appear to be bracing for additional weakness today, as Nov 30 puts are the most actives. 4,174 traded (57 percent Ask). Another 1310 Dec 25 puts changed hands (86 percent Ask.) Implied volatility is up nearly 5 percent to 64.5.

Pre-earnings action in Marvel Tech (MRVL). Shares have added 14 cents to $18.89 on the session and 63,000 options traded on the chipmaker so far. 41K calls and 22K puts. November 19 puts are the most actives and includes morning buyers at 45 and 55 cents on ISE (where ISEE data confirm that players bought-to-open). Nov 19 and 20 calls are busy as well and seeing mixed trading. Implied volatility is up 2.5 percent to 43 ahead of the news, due after market today. Meanwhile, implied volatility skew indicates options are priced for an earnings-gap move of about 6 percent.

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

BofA (BAC) adds 12 cents to $11.73 and recent options trades include a BAC Nov – Jan $11 call spread, bought at 46 cents, 21000X. Looks like a roll of in-the-money calls from November to January ahead of the expiration at the end of this week.

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

The top equity options trades so far today are in Citi (C): Three blocks (20000 each) of Dec 4.5 calls at 8 cents on the ISE at 10:21. Sentiment data indicate an opening customer buyer. During that time, more than 90K calls were bought-to-open in Citi on the ISE. Shares have added 13 cents to $4.32.