Coke (KO) is trading down 47 cents to $69.27 and moving lower along with 27 other Dow stocks today. Pfizer (PFE) and J&J (JNJ) are the only gainers within the industrial average. In options action, a noteworthy trade in KO is a seller of 20,000 January 70 calls at $2.69 per contract. It was tied to 920K shares at $69.18 and is possibly a closing trade, as open interest is 48,192 and the second largest position in the name. The Jan 70 call on Coca Cola is now 1 percent OTM with a delta of .46 and 136 days of life remaining. Meanwhile, implied volatility in Coke options is moving up 14 precent to 24, but remains well off the 8/10 52-week high of 32.5.