Heavy trading in Ship Finance (SFL), which is trading lower in sympathy with Frontline today. FRO fell more than 40 percent after posting a net loss for the third quarter and warning that it was burning though its cash. SFL, which is due to relese earnings tomorrow morning, is down $2.77 to $11.04 and falling to new 52-week lows. 6,800 puts and 1,420 calls traded on the stock. Typical volume is about 220 contracts. May 10, May 7.5, Dec 10, Jan 10, and Feb 10 puts are the most actives and implied vols in the options on the stock surged 120 percent and are now elevated at 109.

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

Green Mountain Coffee Roasters (GMCR) implied volatility is elevated, as shares give up early gains and trade lower Tuesday. After bucking the bearish trend Monday and gaining 4.9 percent, the stock opened higher and added another 3 percent in early trading Tuesday. The gains didn’t last, however, and GMCR is down $4.01 to $48.90 and 10.3 percent off session highs. The stock is now down 27 percent since earnings were reported on 11/9. The volatility has stirred up some action in GMCR options, with 13K calls and 27K puts traded on the stock so far today. The top trade is a 950-lot of Weekly $40 puts at 19 cents. Another 500 traded at 19 cents and sentiment data indicate a customer sold-to-open the position, 1500X. Weekly 45 puts are the most actives, with 3,376 traded. Weekly $50 puts are the third most actives, followed by Jan 29 and Jan 50 puts. Meanwhile, implied volatility in the options on the stock is up 12 percent and elevated at 90.

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

Citi (C) Dec 26 calls are the most active equity options contracts in the first 15 minutes of trading Tuesday. 6,300 changed hands. The top trade is a 1214-lot for $1.32 when the market was $1.30 to $1.33. Dec 30 calls on Citi are seeing interest as well. 1,025 traded. Shares are up 20 cents to $25.20 and total volume in the bank is 13,000 calls and 4,525 puts. Prior to today, shares lost ground in seven of the past nine trading sessions and gave up 20.4 percent. Implied volatility in Citi options has eased 2.5 percent to 62.5 today and the flow seems to refllect expectations for a recovery of some of the recent losses in the weeks ahead.