Ebix, Inc. (EBIX) is getting slammed in afternoon trading Thursday. Shares notched a new 52-week high of $30.35 early, but saw a violent move lower shortly after midday and are down $7.82 to $21.90. The volatility in the stock seems to be stemming from three-part article on Seeking Alpha that noted, among other things, “Investors should view EBIX’s stated financials with extreme skepticism given the myriad accounting and oversight issues.” Shares are reeling and options volume is 12000 calls and 23000 puts. April and May 20 puts are the most actives, followed by April 25 and 30 calls. There seems to be a lot of jockeying around for the stock’s next move. Implied volatility in the Atlanta-based business software company surged to 75 points to 115 percent.

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

Best Buy (BBY) rallied to a high of $32.98 this morning, but is now down 90 cents to $30.95 and heading to session lows. The electronics retailer reported a 12-cent quarterly profit before the open. However, the stock came under pressure during the post-earning conference call after the company said first quarter comps will be similar to fourth quarter. Meanwhile, the top options trade of the day is a 7000-contract block of April 30 puts at 35 cents when the market was 37 to 42 cents. It was tied to 168K shares at $31.72 and is possibly a closing trade. Timing was not so good, as the market is now 58 to 61 cents. Open interest in the April 30 puts increased by 21,163 this morning and, at 25,130 contracts, is now the largest position in the name. More than 15,000 traded. The second biggest trade in BBY today is a 4,882-contract block of April 34 calls at 13 cents on ISE, which is an opening buyer, according to ISEE data. The market is now 10 to 12 cents.

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

Citi (C) April 4.5 calls are today’s most actives, with volume now approaching 200,000 contracts. The top trade is a 15,325-contract block at 8 cents when the market was 7 to 8 cents. Almost 80 percent of the volume has traded at the ask. Shares are up today, but have been grinding lower since the stock hit a 52-week high of $5.15 on January 14. On Monday, the bank announed plans for a 1-for-10 reverse split that will take place on May 6. Earnings are slated for April 18 and the Monday after the April options come off the board. Today’s interest in the April 4.5 calls seems to reflect some expectations for a rebound in the stock before that time. May 4.5 calls are also busy. With volume of 61,000, it is today’s third most actively traded options contract.

Apple Computer (AAPL) adds 59 cents to $339.78 and an investor pays a dime for the Weekly (3/25) 350 – 355 call spread, 6500X on AMEX. Open interest is sufficient to cover, but this might be a new position in anticipation of a rally in Apple shares before the weekend. The breakeven at expiration is $350.10 and 3 percent above current levels.

Baidu.com (BIDU) is up 5.2 percent to $133.75, notching new record levels, and leading the NASDAQ 100 higher Wednesday after the company unveiled a new search box plan. The Chinese Internet search provider said it is developing software that lets smartphone and other mobile device users surf and do other things online using a search box on the screen. The initial reaction to the plan was lackluster, but shares have been rallying today and are near session highs. Options volume is more than twice the average daily, with 87000 calls and 48000 puts traded in BIDU. The Weeklys, which expire 3/25, $130 calls and 125 puts are the most actives, with more than 10K traded in each. April 130 and 135 calls are busy as well. While there’s a lot of buying and selling on both sides of the options chain, the overall flow seems to reflect some optimism that shares will continue to forge new highs in the days/weeks ahead.