Big Prints in Apple Computer late-Monday after the the Sep 430 – 435 call spread on AAPL is bought at 3 cents, 15700X on PHLX and at 3 cents, 13870X on AMEX. Both contracts now traded 31,000. Shares are off $3.05 to $374.43 and the Sep 430s are 14.8 percent out-of-the-money with four days + 30 minutes of life remaining. It’s probably closing activity, and exiting of positions opened in late-July when Apple was north of $400. For example, on 7/26 the spread was sold at $1 even, 5000X. Apparently, the strategist would rather pay the 3-cent debit plus transaction costs and bank the profit on the spread today, rather than holding to expiration and run the risk of seeing Apple shares rally beyond $430 through end of the week.

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

Kraft (KFT) loses 55 cents to $33.96 and an Oct 30 – 33 risk-reversal trades on the food company at $1.31, 2500X on ISE. Sentiment data indicate puts bought, calls sold. A number of other names in the space are seeing bearish trading today as well. Bearish activity was detected in General Mills (GIS), with 4579 puts trading, or 3x the recent avg daily put volume in the name.The stock is down 69 cents to $36.83. Options volume in Chaquita Brands (CQB) includes 2,590 Jan 7.5 puts. Shares lost 19 cents to $9.07. Meanwhile, bearish activity has also been detected in Conagra Foods (CAG), which is down 26 cents to $23.54. 5,140 puts traded in CAG, which is 6X the recent average daily volume.

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

Intel (INTC) adds 37 cents to $20.07 and a Sep 20 straddle is apparently bought on the chipmaker at 67 cents, 11100X on ISE. Sentiment data indicate a firm opened a new position and the position looks tied to 89K shares at $20.05. The short-term premium purchase might be a play on anticipated volatility in Intel during the company’s Developer Forum, which is being hosted this week. Registration begins tomorrow morning and the event lasts through Thursday afternoon.

Top equity options trade so far today is in Sandridge Energy (SD) after on strategist sold 6,236 Sep 6 puts at 9 cents. 10,020 now traded and might close positions opened Friday, which resulted in 9,525 contracts of new open interest and included a 7,145-contract block at the 15-cent asking price. Sep 6 put on SD is 12.7 percent OTM and expires at the end of the week. The stock saw relative weakness Friday, down 6.4 percent, on light volume and no news. However, shares have edged up 6 cents to $6.93 Monday morning.