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

Hewlett Packard (HPQ) is up $2.42 to $24.89 and the Dow’s best gainer today on reports the company’s Board is contemplating the ouster of bumbling CEO Leo Apotheker. 125,000 calls and 70,000 puts traded on the computer maker, which is about 5X the typical volume for midday trading. October 23 puts and 25 calls are the most actives. More than 25,000 traded in both, including an Oct 23 – 25 strangle 3000X at $1.16 when the market was $1.12 to $1.16. Looks opening and was market “tied”. October 24, 26 and 27 calls on HPQ are seeing brisk trading as well. Oct 20 and 24s are busy on the put side of the options chain. Meanwhile, implied volatility in H-P options jumped 22.5 percent to 52, compared to a 52-week high and low of 19 (5/27) and 67 (8/9).

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

General Mills (GIS) adds $1.36 to $38.85 after the company reported first quarter earnings that beat Street estimates and reaffirmed guidance for the full year. Noteworthy options trades in the food company today include a 13,000-contract block of Apr 42 calls at 88 cents on ISE. Sentiment data indicate a customer sold-to-open a new position. 13,350 now traded. Apr 42 calls on General Mills are 8.3 percent OTM with a delta of .28 and 84 contracts of open interest. The stock has a 52-week high of $40 even set intraday on 5/20. Meanwhile, implied volatility in GIS options is down 11.5 percent to 19.5.

Pharmacylics (PCYC) adds 47 cents to $11.97 and options trades on the Sunnyvale, CA biotech Wednesday morning include a 6000-contract block of Oct 12 puts, sold at 75 cents per contract. Oct 12 put on PCYC is almost at-the-money and has 77 contracts of open interest. Relative strength and bullish trading in PCYC comes after a 32.2 percent rally in shares since 8/8.