Tiffany (TIF) shares surged $6.20 to $76.24 after the company reported better-than-expected first quarter earnings and raised guidance for the 2012 fiscal year. Options action is picking up as well, with 12,000 calls and 15,000 puts traded in the New York-based jeweler so far. The volume represents 9X the average daily. Jun 75 calls, which are now $1.24 in-the-money, are the most actives. 2,650 traded against open interest of 2,074. The top options trades are on the put side of the options chain after an investor initiated a Jun 70 – 75 put spread at $1.12, 540X on ISE. Looks like a bearish short-term play or perhaps to hedge some of today’s gains in the stock.