Las Vegas Sands (LVS) calls are active and implied volatility is moving up ahead of earnings. 60,000 calls and 21,000 puts traded in the name so far. Shares are up 57 cents to $47.58 and May 50 calls are the most actives. 6,800 traded. The contract is 5.1 percent OTM and expires in 18 days. It has traded at a VWAP of $1.21 and has a delta of .35. The Weekly 48 and 50 calls are the next most actives. Looks like some investors are taking positions in OTM short-term calls ahead of the results.The top trades of the day are in the June 50 – 55 call spread, which was apparently bought at 74 cents, 732X. Overall, the flow seems to reflect bullish sentiment and implied volatility is moving up 7.5 percent to 48 ahead of the results, due tomorrow afternoon.

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

Powerwave shares add 10c to $4.65 and option volume is 11x the daily average driven by active buying in the June $5 calls, initially a 1,050 lot traded at the 35c ask, this was followed by multiple other lifting of the offer and now a total of 3,980 contracts have traded. Prior open interest in the strike was zero, so this will translate into a new position. Company reports earning after the close on Thursday.

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

The top equity options trades so far today are in AT&T (T) after an investor apparently sold the May 30 – Jun 33 call spread at $1.40, 19200X. AT&T shares are up 12 cents to $31.24 and have performed well lately, up 14.3 percent since mid-March. Today’s spread trader might be exiting the position in ITM May calls, which expire in 18 days, to open a new one in the OTM June call options. AT&t reported earnings on 4/20. Results were in-line and shares showed little reaction to the news.

Yahoo shares have popped 2.5% to a new 52-week high of $18.15 and have gained some 11% in the past week. This morning some notable prints on the call side as the June $19 calls sees a 10,000 contract block trade at 51c offer in what looks like opening purchase. The July $20 calls trade 7,600 (now total of 10,450) at the 36c asking price. There has been renewed chatter about monetizing its stake in Alibaba.