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).