Nokia (NOK) is down 7 percent to $5.33 on heavy volume of 36 million shares following a profit warning from Royal KPN (also hearing Danske Bank may have cut their rating on the stock to Sell.) The volatility in shares comes two days before the Finnish phone company is due to report earnings. Options on the stock are actively traded as well. 9,100 calls and 9,300 puts so far. The top trade is a 2000-lot of July 5 puts at the 73-cent asking price, which might be some downside protection ahead of the earnings news. Feb 5 puts are the most actives, with 2880 taded. Mar 4 puts, Jun 4 puts, Mar 6 calls and April 6 calls are also seeing interest and implied volatility in NOK options is moving up 4.5 percent to 62.