Microsoft (MSFT) notched a new 52-week high today and is up 11 cents to $30. Shares have rallied 15.6 percent so far in 2012 and were helped by a better-than-expected Jan 19 earnings release. One player in the options market seems to be anticipating additional gains for Micorsoft in the months ahead and initiated an Apr 30 – 32 call spread on the stock for 64 cents, 10000X on ISE. Data from the exchange is reporting a firm initiated the trade to open. It looks tied to 260K shares of stock and seems to be targeting a move to $32 or beyond through the April expiration, which represents a 6.7 percent gain over the next 78 days.

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

Apple Computer (AAPL) implied vols are falling to 52-week lows. Levels are down 4.5 percent to 17.5 and down 41.7 percent over the past 10 days. There was a big decline after earnings were reported on 1/24. To be specific, on Jan 25, IV in Apple options fell 40 percent to 20. Now, at 17.5, it is significantly below the actual volatility on the stock. AAPL 30-day HV is 25.3 percent. The 120-day is 27.9 percent.

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

Zynga (ZNGA) gains $1.90 to $12.50 on volume of 27 million shares, which is 10X the typical volume for the San Francisco Internet company, as Facebook’s IPO disclosure has lifted shares of many companies in the social media space today. GRPN and RENN are both up more than 9 percent. LNKD, SINA and P are also outperforming. Trading in the options remains active as well, with 20,000 calls and 19,000 puts in ZNGA so far, which is 5X the daily average for the name. Levels of implied volatility are moving up 19 pecent to new 52-week highs of 96.5 and some investors are perhaps selling premium into the IV spike, as the top two trades are lots of Feb 10 put at 30 and 35 cents when the market was 30 to 40 cents. 7000 traded. Feb 12 puts are the next most actives. Mar 11, Feb 11 and Mar 12 calls on ZNGA are seeing active trading as well.