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

Big call buyer is back in BofA (BAC) Wednesday. Shares have added 25 cents to $7.38 and a 62500-contract block of Apr 8 calls is bought on the bank for 37 cents. The trade is tied to 2.3 million shares at $7.40 and likely adds to positions opened yesterday, when 62,500 were bought for 28 cents per contract (see 1/31 color).

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

Relative weakness and high volume in ATP Oil and Gas (ATPG) today. Shares of the Houston, TX driller are down 10 percent to $6.33 on volume of 3 million shares, which is more than 6X the expected. Options on the stock are actively traded as well. 7,670 puts and 4,880 calls so far. Feb 6 puts, which are 6.1 percent OTM with two-and-a-half weeks of life remaining, are the most actives. 1,890 traded. Feb, Mar and Jun $5 puts are also seeing interest and implied volatility is rallying 47 percent — once again elevated at 139.5. Players appear to be bracing for further losses in shares, which are down almost 70 percent since February of last year. No company news to explain the high volume in ATPG today.

Manitowac (MTW) adds $1.60 to $15.04 on volume of 4 millon shares after the farm and construction company reported better-than-expected earnings and revenues after the close of trading yesterday. Typical share volume through the first hour is about 750K. Options on the stock are seeing high volume as well. 11,000 calls and 1,570 puts traded in MTW so far. Feb 14 calls are the most actives. 3,540 traded. Another 3,255 Feb 15 calls changed hands. Implied volatility is down 22 percent to 50.5 and its lowest levels so far this year (but still well above the 52-week lows of 38 seen on 7/1), as some investors are likely liquidating positions opened before earnings were reported Tuesday afternoon (see 1/31 color).