(Premium Story Posted January 25, 9:57). Massey Energy (MEE) loses 60 cents to $53.53 and order flow seems bullish, with 7,125 calls and 415 puts traded on the coal producer. The top trade is 2,363 Feb 57.5 calls at $1.74 on CBOE when the market was $1.63 to $1.77. 2,550 traded. Feb 60s are the most actrives. 3,600 changed hands (77 percent Ask). Increasing call volume in MEE comes one day after takeover speculation surfaced in the name — Fly on the Wall.

Momenta Pharmaceuticals (MNTA) has some momentum today, gaining 90 cents to $16.05 and heading to session highs. Options volume includes 9,480 calls and 1,210 puts. Most of the action is in Feb calls with strikes ranging from 15 to 20. Implied volatility is elevated around 116 (-2.5 percent) and overall flow seems bullish, possibly in anticipation of earnings, due around Feb 10.

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

Shares of the natural gas exploration and production company are flat on the day at $101.70 but have gained some 11% in the past three weeks. Notable trade today Feb. $90/$95 put which traded 6,000x in what was an opening purchase 59c net debit. Company expected to report earnings around Feb 17, which would be the Monday prior these options expiration.

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

Billiton (BHP) shares are up $140 to $89.60 and option volume is running 2.5x the daily average being driven by volume in the August $75 put and $100 call as each has traded 3,800 contracts in what looks like opening bearish risk/reversal (sold calls and bought puts) for 5c debit. The company has been on the prowl for acquisitions since it bid for Potash was rejected but has also promised to deliver a dividend payment to shareholders. This may being done against stock or as a preemptive placeholder of an arbitrage position. The company is slated to report earnings 2/16.

Clinical Data (CLDA) gapped up, to a high of $25.35, and is $8.37 higher to $23.40 after the FDA approved the company’s anti-depressant drug. Options are actively traded as well and includes a block of 3,432 Mar 30 calls at 90 cents when the market was 60 to 75 cents. Another block of 2,958 Feb 25 calls traded at $1.25, which was also above the $1.10 asking price. Beyond that, CLDA options are seeing mixed trading. but predominantly on the call side of the options chain. 24000 calls and 2260 puts in the first 20 minutes. Implied vols down 67 percent to 67.