Coach (COH) loses $2.13 to $51.87 and options volume is running 2X the daily average, being led by a bearish three-way. The strategist sold 1200 Nov 57.5 calls to buy the Nov 50 – 43 put spread, 1200X. 30 cents was collected on the package and is possibly a bet that shares of the luxury goods company will continue fo feel the weight of a slowing global economy. COH rallied in the early days of July and hit a 52-week high of more than $69 on the 7/7. The gains didn’t last, however, and the stock is set to finish the quarter down 18.7 percent.

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

Eastman Kodak (EK), the 131-year old camera company and once a member of the Dow Jones Industrial Average is reeling Friday afternoon after Bloomberg reported the company is exploring options — including bankruptcy. EK was recently down $1.12 to just 57 cents per share. Oct 1 puts are the most actives on the stock. 4,260 traded. November 1 and October .5 puts are seeing interest as well. 16,000 puts and 8,820 calls now traded in Kodak. EK has been under pressure throughout the week and was the subject of bearish action Monday when the stock was at $1.81 per share (see 9/26 color).

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

Harbin Electric (HRBN) is up $1.78 to $20.98 and implied volatility in the options on the stock is falling 34 percent to 96 after the company filed a10K and started mailing proxy metarials for a special meeting for shareholders to vote on the $24 per share cash LBO. 20,000 calls and 26,000 puts traded on the Chinese electrical equipment company so far. The top trade is a 9000-block of Oct 18 puts at $1.40 on ISE and was sold-to-open by a customer, according to ISEE data. 10,485 now traded, probably on the view that the stock will hold above $18 (~14.5%) through the October expiration (21 days). Shares hit a low of $17.63 in volatile trading Wednesday on a negative blog post (see 9/28 color), but have rebounded for a 19 percent gain since that time.

Two noteworthy prints in BofA (BAC) Friday morning – both are bullish plays on the battered bank. Shares are down 14 cents to $6.21 and set to finish the third quarter not far from a 52-week closing low of $6.06 set on Sep 22. The top options trade on the bank today is a 19,000-block of Jan13 7.5 calls, bought at $1.52 per contract. 20,122 now traded against 126,345 in open interest. Separately, a Nov 4 – 7.5 risk-reversal trades at 12 cents, 9000X on ISE. Looks like a bullish r/r was initiated and ISEE data indicate an opening trade.