Titanium Metals (TIE) sees high call volume for a second time this week. 8,050 calls and 500 puts traded on the stock Monday. Open interest in calls on TIE increased by 2,906 contacts, compared to 293 puts, after Monday’s activity. Shares are off 17 cents to $15.85 and today’s flow includes a multi-exchange sweep of 3,710 Dec 16 calls at the 90-cent asking price. A customer bought-to-open the position, according to data from one of the exchanges. 6,224 now traded. Jan 15 puts, Dec 18 calls, Dec 15 puts, and Jan 17.5 calls on Titanium Metals are seeing interest as well. Meanwhile, implied volatility in the options on the stock is up 15 percent to 57, as some players in the options market seem to be bracing for a move in the underlying in the weeks ahead. Earnings were reported on Nov 3. Shares lost 6.1 percent on the news and have seen choppy action since that time.

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

Micron Technology (MU) sees a flurry of activity in recent trade. Shares are up 28 cents to $5.75 and the focus is on Nov, Dec and Jan 6 calls. The flow includes several multi-exchange sweeps trading at the offer and lifting implied vols up 17.5 percent to 90, probably a play on recent headlines that a jury has reached a verdict in a case between Rambus and MU. Rambus saw an initial spike to $18.55 on the headlines, but gave up the gains and is now up a dime to $18.14. Meanwhile, options order flow seems to reflect expectations for a victory for Micron.

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

Pepsico (PEP) is up $1.39 to $65.89 and implied volatility in the options on the stock is moving higher today after New York Post reported today that the company’s Board is divided regarding a potential split of the company’s snack and beverage units. According to the story, a source said “I hear there is going to be a shakeup” at Pepsico. Shares rallied early and hit a morning high of $66.65. Meanwhile, options on the stock are seeing high volume for a second day. Open interest increased by 37K after yesterday’s action. Dec 65 calls and 60 puts saw the largest increase. Today, Dec 67.5 calls are the most actives. 11,540 traded, mostly in smaller sizes. The top trade is a multi-exchange sweep of 745 contracts at the 41-cent asking price. Nov 67.5, Dec 65, Jan 70 and Jan 67.5 calls on PEP are actively traded as well. Total volume is 37,000 calls/14,000 puts and implied volatility in the options on the stock is up 11 percent to 21.5.