Focus Media shares are bouncing back a bit, up some 30c to $29, after tumbling over 5% yesterday on general weakness in China issues. Notable option volume on the put side again today as the July $25 strike has traded a total of 7,200 contracts with 95% of volume occurring at the bid price between 45c-50c. This follows trading of 8,100 contracts in the strike yesterday, all of which translated into new open interest today so potentially a quick closing the position. Separately, but possibly related the July $28/$32 put spread has traded 3,004 times in what looks like a sale for a $2.19 net credit. Open interest in each strike is sufficient to cover and looks like it could be closing a position opened on 5/12 when shares were around $33.50.

Shares of EMC are off 40c to $27.50 and option volume is 3x the daily average being driven by big prints in Leaps as the Jan12 puts at the $25 strike saw a block of 21,000 at $1.35 (now total 30,000) traded in combination with the Jan 2013 calls at the $35 strike as 13,700 block (now total of 15,000) traded $1.20 ask. This could be an adjustment as the 2012 puts have sufficient open interest to cover but appears to be staggered calendar risk/reversal.

Saks Holding shares are off 7c to $10.85 and option volume 13x the daily average, being driven by 25,000 contract block of the August 10 puts which were sold at the 40c bid. This is an opening sale and likely tied to stock. The traded coincided with a block of 725K shares at $10.92.

International Flavor and Fragrance shares are off 50c to $62.80 and sees notable trade as the June $65 calls trades a 13,000 contract block at the 30c bid price in what looks like an opening sale.

EMC shares are off 65c to $27.40 and option volume is 2x the daily average being driven by trading in the LEAPs. Notable trade in Jan 2013 sees the $30 call and $25 put each trade 5,000 contracts in what looks like sale of the strangle for a $5.05 net credit. This could have been done against the Jan 2012s in which the $28 line as both puts and calls traded a 2,500 contract block in what looks like an opening purchase of the straddle for a $5.15 net debit except the transaction were about 20 minutes apart and done on different exchanges.

Yesterday shares of Glu Mobile (GLUU) had a 13% intraday spike to a high of $4.35 immediately after well respected tech analyst Dan Niles mentioned the name as one of the ways he’s playing the mobile/social growth. Option activity also spiked on a relative basis as over 1,300 calls traded yesterday compared to a 30 day average volume just 150. While the stock has retreated today to down 5% to $3.90 option activity continues to pick up with 4x the average daily volume registered so far today. And again it is heavily titled to the bull side with 2,000 calls versus just 125 puts traded. The bulk of the volume is new positioning in the December $5 calls for 45c. Looks like a mix of buying and selling.

Retailer JC Penney reported earning before the bell this morning and shares initially gapped higher, popping nearly 6% to $41, but have now reversed and are down 2% to $37.70 on the day. Option volume is running 4x the daily average with some 12,500 puts to 3,500 calls traded. The most active strikes are the June $37, 38 and $39 strikes. The notable trade was a spreading in the June $40/$38 puts which traded 1,180 times (now total of 2,140) in what looks like part of a roll up downside protection as the 2,100 of the $37 puts were sold to close. This occurred around 11:15 ET just as shares were dipping back toward the unchanged line.

Atmel shares are rebounding, up 25c to $15.17, after tumbling 6% to $13.88 on Thursday following its earnings report in which it narrowed down its guidance. Option volume is running 3x the daily driven buy a block of 7,550 (now total of 10,350) contracts of May 15 calls which have been sold on the 41c bid price. This looks a closing transaction from a positioned opened on 4/5 when some 10,000 contracts were purchased to open between 35c-40c when shares were trading around $13.25.

Powerwave shares add 10c to $4.65 and option volume is 11x the daily average driven by active buying in the June $5 calls, initially a 1,050 lot traded at the 35c ask, this was followed by multiple other lifting of the offer and now a total of 3,980 contracts have traded. Prior open interest in the strike was zero, so this will translate into a new position. Company reports earning after the close on Thursday.

Yahoo shares have popped 2.5% to a new 52-week high of $18.15 and have gained some 11% in the past week. This morning some notable prints on the call side as the June $19 calls sees a 10,000 contract block trade at 51c offer in what looks like opening purchase. The July $20 calls trade 7,600 (now total of 10,450) at the 36c asking price. There has been renewed chatter about monetizing its stake in Alibaba.