Call options in SOHU are busy for a second time in three days. Shares are up $3.13 to $90.26 and April 95 calls are the most actives. 1,700 traded and possibly seeing some closing trades, as 39 percent traded bid/40 percent ask and open interest is 1,727. April 90 and May 95 calls are the next most actives. Total volume is 8,180 calls/1,925 puts, and 3X the average daily. SOHU April 80, April 95 and Jun 95 calls saw interest Tuesday (see 3/29 color). It’s not clear what’s driving the action in the Chinese Internet company this week. Shares are up nearly 9 percent since Friday.

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

Moody’s (MCO) came under fire and put volume picked up in the name midday after the EU said it might ban US-based credit rating agencies. Shares, which hit a 52-week high of $34.74 Wednesday, fell to a low of $32.99 and are now off 53 cents to $33.92. Investors are scrambling to buy out-of-the-money puts. April 33s are the most actives. 3,700 traded. April 32 and May 30s are busy as well. 14000 puts and 2700 calls traded in Moody’s. Peer McGraw Hill (MHP) is down 56 cents to $39.55 and options volume is 1425 puts/755 calls.

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

DELL is down 11 cents to $14.53 and a bearish three-way spread has traded multiple times, with one or more investors selling May 16 calls to buy the May 12 – 14 put spread. For example, it traded at 24 cents, 300X on ISE about thirty minutes ago. Volume in all three contracts is now more than 5000.

RIMM loses 78 cents to $56.25 and recent trades include a June 45 – 55 put spread, bought at $2.89, 5900X. 6,800 now traded and could be closing or rolling, as open interest is sufficient to cover in both contracts. Or, it might be a straight bearish bet after shares of the Blackberry-maker fell 11.2 percent on disappointing earnings last Friday.

Visa (V) and Mastercard (MA) are trading higher today on news the Fed will miss a deadline for a decision regarding debit card fees. MA is up $3.60 to $255.31 and V added $2.30 to $74.50. However, both stocks are well off session highs and came under fire about thirty minutes ago on heavy volume. The catalyst for the afternoon sell-off isn’t clear, but MA is now off 2.7 percent from its best levels (V down 1.1 percent). Meanwhile, options volume is brisk in both names. MA total volume is 4.5X the average daily, with 15K calls and 6900 puts traded. 59K calls and 49K puts traded in Visa, or 5X the average daily. Investors are taking positions and bracing for increasing volatility. Implied vols in MA are up 12 percent to 29. Visa implied volatility increased to 27 from 25.5.