HSBC (HBC) shares are trading down $2.42 to $54.85 after the British banking giant reported a 2010 profit of $13.16 billion, which ws below the $14 billlion that was expected. The stock is under pressure and options volume so far is 9,835 calls/3045 puts. Mar 55 calls are the most actives. 5,612 traded, including a block of 3153 at $1.01 when market was 99 cents to $1.02. Mar 57.5 calls are busy as well, including a 1500 contract block at 32 cents when bid-ask was 28 to 31 cents. Mar 55s are the most active puts and most of the action has been in smaller lots. The top trade is 100 contracts at $1.72. Implied volatility is down 7 percent to 27 now that the event risk has passed.