Radian (RDN) loses 19 cents to $2.69 and a 1250-lot of Jan 2 puts traded on the stock for 75 cents when the market was 65 to 75 cents. 1765 traded and today’s flow probably adds to positions from yesterday, when open interest in the contract increased by 4,747 to 7,500 and now the largest position in the Philadelphia-based credit insurance company. Implied volatility is up 3.5 percent to 95, as shares tick lower for a fourth day this week. RDN is down almost 13 percent since Friday. Earnings slated for Feb 23.

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

Newfield Exploration (NFX) loses $1.05 to $40.23 and one strategist sold 7,000 Mar 35 puts on the stock at 55 cents per contract to buy 3,500 Mar 45 calls for 75 cents. The 1X2 bullish ratio risk-reversal looks tied to 193K shares at $40.71 and comes after several months of losses in shares of the Woodlands, TX oil and gas company. NFX is down 47.1 percent since March. Today’s combo trader is probably looking for the stock to hold above $35, possibly rally beyond $45, through mid-March. The company presents at a Credit Suisse conference on Feb 7 and earnings come into play on Feb 21.

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

Ford Motor (F) adds 7 cents to $13 and morning options trades on the automaker include a Mar $12 – $14 bearish risk-reversal, bought for 8 cents, 10000X. Open interest is sufficient to cover, but this might be an opening play, as the stock is precisely midway between the two strikes and there is nothing in the historical data to indicate the same combo trade in substantial sizes before. A shareholder might have initiated the trade to collar Ford ahead of the company’s earnings release, due out tomorrow morning.