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

Hudson City Bancorp (HCBK) trades down 32 cents to $6.94 and options volume on the Paramus, NJ savings and loan is running 2.5X the daily average after Nomura downgraded the stock to Reduce from Neutral. Most of the options volume is concentrated in Feb 7 puts, which have traded 2,700 contracts at a VWAP of 45 cents against 2,664 in open interest. While the bulk of the flow has traded at the offer, sentiment data indicates some of the activity is closing sales and likely exits positions opened Tuesday, when 2,452 traded at a VWAP of 35 cents per contract and open interest increased by 2,381 contracts. Still, implied volatility in HCBK options is up 3 percent to 42 following the downgrade Thursday.

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

Research In Motion (RIMM) is rallying and calls on the Blackberry-maker are actively traded Thursday. Shares gained 64 cents to $16.25 and options volume so far is 35,000 calls/12,000 puts. Weekly (1/13) $16 calls, which are now 25 cents in-the-money and expiring later this week, are the most actives. 7,810 traded, in very small sizes. The biggest was a 189-lot at the 18-cent asking price when the stock was at $15.80. The market is now 34 to 36 cents. Jan 16 and 17.5 calls, which expire at the end of next week, are actively traded as well. Upside call buyers are active and implied volatility in RIMM options moved up 15 percent to 67.5 amid unconfirmed chatter the company has hired an advisor to explore strategic alternatives (Briefing).