*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

*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

Mobile Teleystems (P/C Chart, news, volatility) is down $1.09 to $18.56 and puts are seeing action. Just after Noon ET, 2600 Feb 20s traded mid-market for $2.30 while 3,300 Feb 17.5s traded offer-side for $1.20. The activity appears to be a roll, closing a position opened on Jan 20 when two blocks (1,300 ea.) Feb 20s traded offeside for $1.85 and $1.90. If so, the strategist banked .425 profit and possibly opened a similar position in the 17.5s. It might be a play on earnings as the last profit report was Nov 13.

Mobile Telesystems (MBT, news, chart, volatility) is down 98 cents to $24.48 after Morgan Stanley downgraded MBT and Vimpel Comms to Equal Weight from Overweight. The company was also mentioned in a Morningstar report titled “Our Biggest Mistakes of 2008“:

“…the Russian economy is heavily dependent on the price of oil and gas, and political instability, a war in Georgia, and currency devaluation have all added significant risk to this otherwise solid business. We were late in raising our uncertainty rating to extreme in recognition of the economic and political uncertainty, though we still think Mobile TeleSystems is worth more than twice its current trading price.”

In the options market, volume in MBT is running two times the usual, with Feb 22.5 puts leading the order flow. 100 percent of today’s 2,280 contracts have traded ask-side.

Crown Castle (CCI, news, chart, volatility) shares are down $3.78 to $12.34, as the stock becomes the latest telecomm stock to fall victim to a two-day sell-off in the sector. Yesterday, Vimpel Communications (VIP) fell 26.8 percent and Mobile Telesystems (MBT) 28.4 percent on no news. Heavy put volume accompanied the decline in shares of both. Today, it’s CCI’s turn. Shares are down 23.45 percent and volume in the options market is running 6 times the usual. 7,300 puts have traded, roughly four times the number of call options. Active buying is being seen in the December 10 and November 15 put options. Implied vols are moving above 100, compared to 84 the day before.

Mobile Telesystems (MBT, news, chart, volatility) is down $7.92, or 19.7 percent, to $32.39 and volume in the options market is running two times the typical levels. 7,200 contracts have traded. 81 percent of the day’s volume is on the put side and implied volatility is up to 139, from roughly 105 the day before. There is no company specific news to explain the share price decline, but it certainly has stiurred up some defensive trading in the options market. Earnings are due out Thursday.