Wells Fargo (WFC) loses 70 cents to $25.59 and a Jan13 27.5 – Jan14 30 call spread trades on the stock at 20 cents, 11000X on ISE. Data indicate an opening spread traded firm-to-firm. The same play also traded at 20 cents, 3000X, on CBOE and a source informs us that the spread was sold (buying Jan13s and selling Jan14s). If so, the action appears to be a bullish spread, or a bet that shares will move beyond $27.5 through January 2013, but not recapture $30 through Jan 2014. The spread has traded 17,200X on the day.

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

Well-timed options trades in Universal Display (PANL). Shares were just north of $39 this morning and a Mar 35 – 45 bearish risk-reversal was apparently bought-to-open on the stock for 50 cents, 1000X on AMEX. Within minues, a Jan 35 – 45 bearish combo traded for 52.5 cents, 1000X on PHLX. Shares are down $2.07 to $36.93 and off 5.6 percent since the risk-reversals were initiated at about 10:20. Briefing cites a cautious newsletter mention for the intraday volatility in PANL.

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

Ivanhoe Mines (IVN) is under pressure today and options on the stock are actively traded after Rio Tinto won an arbitration process involving the company, but said it has no plans to make a full takeover offer for Ivanhoe. IVN lost 16 percent to $17.39 on the news. Options volume on the Vancouver-based miner is 18,000 calls and 7,100 puts. Interestingly, the top trade is a 2377-lot of Mar 20 calls for $2.15 per contract on ISE, which is an opening buyer, according to data from the exchange. 5,070 now traded. Jan 17.5 puts, Jan 25 calls, Jan 19 calls, Jan 16 puts, Dec 17 puts and Mar 19 calls on IVN are actively traded as well and implied volatility is down 18.5 percent to 83, now that this company event-risk has now passed.