Symantec (SYMC), which hit a high of $18.79 on earnings yesterday, is down 66 cents to $17.25. The stock has given up yesterday’s post-earnings gains and then some. Meanwhile, a noteworthy trade in SYMC is a buyer of 16,000 Jan13 $17.5 calls at $3.60 each. 16,690 now traded vs. 51 contracts in open interest.

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

Impressive volume for a non-expiration Friday. 7.1 million calls and 6.9 million puts traded so far. The put volume represents about double the normal levels. Meanwhile, the CBOE Volatility Index (.VIX) hit its best levels since early-December and is up 2.85 to 19. Fear is back. Gold (Feb), which hit a low of $1,307 early, rallied back to $1,345. Investors appear to be reacting to disappointing GDP numbers and earnings misses from MSFT, F, and AMZN. Events abroad are likely affecting trade as well. Political unrest in Egypt sent its equity market for a two-day 16 percent loss (although it is closed on Fridays). iShares Emerging Markets Fund (EEM) is down $1.14 to $45.67 and down nearly 5.3 percent since Jan 12.

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

GM is trading down 83 cents to $37.83 in sympathy with Ford (F), which lost 5.4 percent after reporting earnings of 30 cents per share and 18 cents below Street estimates. A noteworthy spread traded in GM late yesterday ahead of the news. One strategist bought 2,500 June 37 calls and sold the June 33 – 42.5 strangle, 3,750X. They paid $1.15 for the package and opened a new bullish position, which is essentially selling June 33 puts to buy the June 37 – 42.5 (2X3) call ratio spread. Meanwhile, GM Feb 40 calls, which expire in three week and are now 5.7 percent out-of-the-money, were the most actives yesterday. 17,329 traded (61 percent ask), creating 13,926 in open interest, to 46,437 contracts and now the largest position in General Motors options.

Netflix (NFLX) touches a new 52-week high and is up $27 to $210.03 after the company reported a quarterly profit of 87 cents per share, which beat Street estimates by 16 cents. Netflix also raised guidance for the current quarter and said in its conference call that it will roll out a Facebook integration this year. Shares are up and the Weekly (1/28) 210 calls, 215 calls, 200 puts and 205 puts are the most actives. Trading is heavy. 144K puts and 132K calls traded in Netflix, mostly in smaller sizes. Meanwhile, implied volatility is down 31 percent to 42, compared to a 52-week high and low of 75 and 31

The top (or largest) option trade in NFLX today is a block of 1000 Feb 160 puts at the 37-cent ask price on CBOE. The next biggest trade: Mar 180 – 200 put spread, apparently bought at $6.35, 711X on ISE. . So, it appears that some investors are taking out bearish trades and possibly looking to hedge recent gains in NFLX. For example, the March 180 – 200 put spread was bought at $6.35. In this strategy, the investor is buying the 200s and selling the same number of 180s. The debit is at risk if shares hold above $200 through the March expiration. The downside breakeven (at expiration) is at $193.65 per share and a potential pay-off of $13.25 (excluding commissions) if shares fall to $180 or less by the March expiration (-14.7 percent) in 50 days.

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

Options volume stats are interesting through midday, as 4.2 million puts and 4.1 million calls have traded so far. Higher volume in puts, relative to calls, strays from the recent pattern. The increase appears to be driven by action in the exchange-traded funds, where 1.8 million puts and 900K calls have traded (@ETF in Flow Monitor, then 3). 179K calls and 441K puts across the index market (@index) and 2 million puts and 3 million calls across the equities (@stock). CBOE Volatility Index (.VIX) is up .10 to 16.74. S&P is basically flat.