Research In Motion (RIMM) is down $1.73 to $13.40 and is reeling today after the Blackberry-maker reported disappointing results after the close of trading yesterday. The stock is falling to its lowest levels since 2004 and options volume is running 5X the daily average. 330,000 puts and 187,000 calls traded on the stock so far. The top trades were initiated in morning action after on strategist sold 33,700 January 15 puts on RIM at $2 per contract and bought 41,000 January 13 puts for 88 cents. The massive ratio spread is possibly a roll of in-the-money puts to out-of-the-money puts — probably a bet that the company’s woes continues over the next five weeks. However, implied volatlity in the options on the stock is down 27 percent to 69 now that the earnings event-risk has passed.

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

Microsoft (MSFT) adds 32 cents to $25.88 and the top trade on the software-maker today is an 18,600-contract block of Dec 26 calls at 6 cents per contract. Shares hit a morning high $26.17 and players are likely closing out positions in these expiring at-the-money call options. More than 50K traded against about 60K in open interest. The contract is now .5 percent OTM heading into second half of trading and the market is 3 to 4 cents.

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

Delta Airlines (DAL) is up 48 cents to $9.07 today and has rallied 22.1 percent since AMR announced bankruptcy plans on 11/29. One player seems to expect the gains to continue through the first quarter of 2012 and apparently rolled a position in 5000 Dec 9 calls at 5 cents to a Mar 7 – $11 bullish risk-reveral at a penny, 5000X. 6 cents was collected on the package and the March combo looks opening.