American Eagle (AEO) is down $1 to $13.62 and puts are active in the retailer after peer Aeropostale (ARO) shares lost 15 percent on an earnings miss. Gap Stores (GPS) is also reeling on earnings news. In America Eagle options action, June 14 puts are the most actives. 5,139 traded (55 percent Ask) against open interest of 5,155. Similar action in the Jun 13 puts. Jun 14 and 15 calls are busy as well. Implied volatility is tp 13 percent to 46.5, as investors now set sights on American Eagle’s May 25 (before market) earnings report.

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

Cheniere Energy (LNG) sees a surge to $11.11 per share beginning about thirty-five minutes ago. Shares of the Houston-based natural gas company are now up $2.25 to $9.94 on news the DOE has approved and authorized the export of natural gas as LNG to any country that has the capacity to import LNG. Options volume is picking up in Cheniere as well. 22,000 calls and 2,505 puts so far. The expiring May 10 calls are the most actives. 3,330 traded. May 9, May 11, Jun 9, Jun 11, Dec 10 and Dec 15 calls are seeing interest as well. CQP also higher on the news. Interestingly, LNG Sep 12 calls saw large purchases in mid-April. The action was noteworthy because the contract was 54.8 percent out-of-the-money and trading at 80 cents (see 4/14 color). It’s now bid at $1.10.

Yesterday shares of Glu Mobile (GLUU) had a 13% intraday spike to a high of $4.35 immediately after well respected tech analyst Dan Niles mentioned the name as one of the ways he’s playing the mobile/social growth. Option activity also spiked on a relative basis as over 1,300 calls traded yesterday compared to a 30 day average volume just 150. While the stock has retreated today to down 5% to $3.90 option activity continues to pick up with 4x the average daily volume registered so far today. And again it is heavily titled to the bull side with 2,000 calls versus just 125 puts traded. The bulk of the volume is new positioning in the December $5 calls for 45c. Looks like a mix of buying and selling.

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

Brocade (BRCD) adds 36 cents to $6.62 and options on the chipmaker are actively traded today after the company reported second quarter earnings that topped Street expectations. 23,000 calls and 4,900 puts traded in Brocade so far. The top trade is a 4,283-contract block of Jul 7 calls at 29 cents when the market was 27 to 30 cents and is possibly a buyer looking for a run beyond $7 through the July expiration. Shares have already 14.7 percent over the past month. May 6, Jun 6, and Jun 7 calls are seeing active trading as well. Implied volatility has eased 21 percent to 40.

Market Vectors Gold Mining ETF (GDX) loses 70 cents to $54.90 early Friday and the May – Jun 55 call spread trades at $1.59, 2340X on ISE. Looks like a roll of at-the-money calls ahead of the expiration and has been repeated multiple times. Volume in both contracts is now more than 10,000. The May 55s, which are now ten cents OTM, traded at 48 cents early and are now bid at 22 cents. GDX hasn’t performed well lately due to a recent correction in the gold market. Shares are down 11.7 percent month-to-date.