Google (GOOG) options are actively traded ahead of earnings. Shares are up $6.50 to $555 and 166,000 options contracts traded on the Internet search giant. 55,000, or one-third, of the volume is in the Weekly options that expire after tomorrow. The top trade is a 425-lot of Weekly 575 calls, which are 3.6 percent OTM, at $9.70 when the market was $9.50 to $10. The next biggest trade in Google is 315 Dec 530 calls at $49.60 and possibly a liquidating trdae. An Oct 560 – 580 call spread was apparnetly bought for $6.80, 255X about six minutes into tradeing with the stock 1.2 percent below current levels. The next largest trades in Google today appear to be part of an Iron Butterfly in the Weeklys and traded in afternoon action. For example, the Weekly 560 straddle was sold at $37.58 and the 545 – 575 strangle bought for $24.08, 250X. So, the spread was initiated for $13.50 and seems to be a bet that shares will hold around $560 through the expiration; i.e. not much post-earnings volatility tomorrow. It traded 750X and data indicate and opening position. Meanwhile, implied volatility in GOOG options is up about 2.5 percent to 46. (First Posted at 13:55 ET)

Triquint (TQNT) shares are rallying and implied volatility in the options on the chipmaker is elevated after a breakdown of the new iPhone uncovered two chips provided by the company. The story circulated midday and was mentioned on CNBC. Shares are up $1.41 to $7.34 and options volume on the stock includes 18,000 calls and 3,280 puts. Oct 6, Oct 7, Nov 7 and Nov 8 calls are the most actives. Heavy trading has lifted implied volatility in TQNT options by 21 percent to 85 and not far from the 52-week high of 88 set on 10/3.

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

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

JP Morgan (JPM) loses 5.3 percent to $31.43 and is the Dow’s biggest loser today after the bank reported third quarter earnings that topped expectations, but an accounting shift related to debt was one reason for the beat. Fees showed a sharp drop and return on equity was 9 percent, from 12 percent in the Q2. Options are actively traded on the results. 47K calls and 69K puts so far. Oct 30 puts, which are now 4.6 percent OTM, are the most actives. 12,500 traded. The top trade is a 550-lot at the 43-cent ask price. Implied vols in JPM is steady around 51 and not seeing the typical post-earnings crush. Given that JP Morgan is the first of the major banks to release Q3 earnings, some investors might see the disappointing results as a negative harbinger of things to come. Oct 30 puts are being bought on the view other names in the sector will also disappoint between now and next week’s expiration. GS and BAC will be closely scrutinized when results are released on Oct 18.