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

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

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

Amlyin Pharmaceuticals (AMLN) implied volatility is crashing after the company received a complete response letter from the FDA related to exenatide once weekly. In a conference call, the company said it expects product approval once issues are addressed. Shares touched a new 52-week high and are up $1.66 to $21.92 on the news. Trading in the options is active, with 14K calls and 8450 puts, incuding a recent seller of 1100 Mar 21 calls at $1.25. Meanwhile, implied volatility has plummeted about 155 percent, back to the mid 50s, now that this event risk has passed.

Stocks are set to open lower after Moody’s warned about the Triple A credit ratings of several countries Monday. Less than thirty minutes before the opening bell on Wall Street, stock index futures indicate that the Dow Jones Industrial Average might lose 15 or 20 points at the open.

Stock index futures traded lower after Moody’s said the risks are mounting for debt of four currently Triple A rated countries — the US, the UK, Germany and France. Stock benchmarks are trading mostly lower in Europe on the news. Meanwhile, in Asia, stocks finished mixed after Chinese Premier Wen Jiabao warned of risks of a double-dip recession.

In the US, stock index futures came off their worst levels, however, after the latest NY Empire State Index fell less than-expected. The gauge of regional manufacturing activity fell to 22.86 in March, down from 24.91 the month before and better than the 22 reading economists had expected.

A report on industrial production is due at 9:15 eastern time. Economists expect production to have remained unchanged in February and a capacity utilization rate of 72.5 percent.

Bonds are little changed ahead of the news. The benchmark ten-year Treasury is up 1/32nd and now yields 3.70 percent.

The dollar edged up .04 to 90.69 against the Japanese yen. The euro slipped .0065 to 1.3710 against the buck.

Action in the commodities market is mixed. Crude oil lost 94 cents to $80.30 a barrel. Gold is up $2 to $1103.70 an ounce.

Among the stocks to watch, Amylin (AMLN) rallied 11 percent after it, and Eli Lilly (LLY) and Alkermes (ALKS), received an FDA response letter related to exenatide once weekly. Boston Scientific (BSX) lost 15 percent after halting the manufacturing of one of its defibrillators. Wal-mart (WMT) will help the Dow in dearly trading after Citigroup upgraded the retailer to Buy.