Of the 20 equities seeing the heaviest options volume in recent sessions, three names of notable interest this afternoon are Facebook Inc (NASDAQ:FB), Netflix, Inc. (NASDAQ:NFLX), and Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX). Here is a quick look at today's interesting activity in these options pits.

Amid rumors of an impending bidding war with Google Inc (NASDAQ:GOOG), Facebook Inc (NASDAQ:FB) is down 3.1% today at $24.28. The stock is due for a quick and hefty rebound, according to the group of option players who have picked up the July 30 call for a volume-weighted average price (VWAP) of $0.10. Greater than 80% of the 20,978 contracts traded have gone off at the ask price, implied volatility is 2.9 percentage points higher, and data from the International Securities Exchange (ISE) confirms that a number of positions have been bought to open. In order for these deep out-of-the-money (OOM) calls to be profitable, FB must muscle above the $30.10 level (strike plus VWAP) by the close on July 19. Not only does this breakeven mark represent expected upside of 24% from the equity's current perch, but also territory not charted since early February. From a contrarian perspective, the stock could encounter some headwinds in the near term. No fewer than 19 out of 30 analysts maintain a "buy" or "strong buy" recommendation toward the stock, with not a single "sell" around, while the consensus 12-month price target of $33.21 runs at a 36.8% premium to present trading levels. Should FB continue to turn in a woeful technical performance, a round of downgrades and/or price-target cuts could pressure the shares lower.

A modest rise for Netflix, Inc. (NASDAQ:NFLX) in today's session has option traders eyeing additional gains in the near term. Almost 2,000 weekly 5/31 225-strike calls have crossed the tape, mostly at the ask price. Implied volatility is on the rise, and volume is outstripping open interest, implying that a fresh batch of bullish bets is being initiated. With NFLX lingering near $226.71, the calls are currently in the money. However, in order to be profitable, the stock must land above $230.42 (strike plus the VWAP of $5.42) by next Friday's close. From wider sentiment standpoint, puts have been in favor among short-term speculators. The stock's Schaeffer's put/call open interest ratio (SOIR) of 1.19 ranks in the 81st percentile of its annual range, indicating a put-skewed bias in the front three-months' series of options. However, as my colleague Andrea Kramer noted last week, not all of the put activity has been bearish in nature.

Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) has been in a steady decline since hitting a mid-September annual high of $43.65, with the shares off almost 31% to trade at $30.25. Some speculators in today's session see a longer-term struggle for the mining magnate, and are picking up the January 2014 27-strike put for a VWAP of $2.07. Of the 1,308 contracts traded, 96% have gone off at the ask price, and volume is exceeding current levels of open interest, hinting at buy-to-open activity. By purchasing the OOM puts, traders will begin to profit with each step south of $24.93 (strike minus the VWAP) over the following eight months. Delta for the LEAPS is docked at negative 0.33, or 33%, indicating the position has a 1-in-3 shot of landing in the money ahead of January options expiration. In the near term, the stock could continue to struggle thanks to heavy accumulations of call open interest at the overhead June 31 strike. This layer could translate into options-related resistance as the nearly 16,100 contracts that reside here begin to unwind over the next several weeks.

The 20 stocks below have attracted the highest options volume -- in the front three-months' series -- during the past 10 trading days. The companies highlighted are those that are new to the list since the last time the study was run. Data is courtesy of Schaeffer's Senior Quantitative Analyst Rocky White.

Bearish trading activity has accelerated on VIVUS, Inc. (NASDAQ:VVUS), despite today's trek higher. Nearly 8,700 puts have changed hands so far, which is more than triple the equity's expected intraday put volume. Upon closer inspection of the two most popular strikes, it looks as though one speculator employed a bear put spread on the biopharmaceutical firm.

More specifically, a block of 2,150 puts was sold at the July 12 strike for $0.38 each, while an equal number of puts was simultaneously purchased at the July 13 strike for $0.75 apiece -- resulting in a net debit of $0.37 per pair of contracts. Meanwhile, implied volatility has ticked higher at the 12 strike, and today's volume at the 13 strike has exceeded current open interest levels, both indications of newly added positions. In this strategy, breakeven is $12.63 (bought strike minus the net debit), while the trader's maximum profit is limited to $0.63, or the difference between the strike prices, less the net debit. Conversely, his potential losses are capped at the net debit paid.

This bearish sentiment is nothing new for VVUS. The equity's 50-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 0.40 ranks higher than 68% of comparable annual readings, meaning traders have been picking up puts relative to calls at an accelerated clip in recent months. Likewise, the stock's Schaeffer's put/call open interest ratio (SOIR) of 0.55 registers in the 87th annual percentile, indicating near-term speculators have been more put-heavy toward VIVUS, Inc. just 13% of the time during the past year.

Technically speaking, the stock has climbed around 11% so far this year, and has outperformed the broader S&P 500 Index (SPX) by more than 25 percentage points over the past two months. What's more, VVUS is poised to close another week atop its 10-week moving average, which has served as support since mid-April.

At last check, the equity is up 3% to trade at $14.94.

Calls on Nokia Corporation (ADR) (NYSE:NOK) are trading at more than three times the rate of puts in today's options pits. In fact, calls make up the top five positions on the list of the stock's most active options. The leader of the pack is Nokia's August 4 call.

Over 1,600 calls have traded at the aforementioned strike, 92% at the ask price. That data, coupled with the facts that implied volatility is up and open interest at the strike is just 377 contracts, suggests buy-to-open activity.

The volume-weighted average price (VWAP) for the calls is $0.21, setting up the traders to profit in the event that NOK shares reach or exceed $4.21 (strike plus VWAP) by August expiration -- a 15.7% jump from their present perch at $3.64. Even if they don't make it, however, the most today's speculators have at stake is their initial net debit.

Nokia calls have been bought to open at an unusually high rate lately. According to data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 50-day call/put ratio is a lofty 2.38, with calls being scooped up more than 2-for-1 over puts. Statistically, that ratio registers in the 92nd percentile of its annual range, demonstrating just how rapid the pace of call buying has been, relative to the past year's worth of activity.

Technically, however, Nokia Corporation (ADR) (NYSE:NOK) has struggled. It's given up nearly 8% year-to-date, and is battling resistance at its 20- and 80-week moving averages.

The shares of Intel Corporation (NASDAQ:INTC) are down 0.9% at $23.83, bringing their week-to-date loss to nearly 0.9%. What's more, the stock is in danger of ending beneath both its 10-day and 20-day moving averages -- which just made a bearish cross -- for the first time since mid-April. Nevertheless, option traders today are gambling on an intermediate-term recovery for INTC.

Jumping right in, the out-of-the-money August 26 call has seen close to 6,300 contracts change hands -- 90% at the ask price, suggesting they were bought. Furthermore, volume has exceeded open interest at the strike, underscoring our suspicions of newly added bullish bets -- a change of pace from yesterday.

By purchasing the calls at a volume-weighted average price (VWAP) of $0.25, the buyers will make money if Intel topples $26.25 (strike price plus VWAP) within the next couple of months. From current levels, it would take a rally of around 10.2% in order for the stock to hit breakeven. Risk, meanwhile, is capped at the initial cash outlay, should INTC remain south of the strike through the close on Friday, Aug. 16.

As alluded to earlier, Intel would need to climb back atop its 10-day in 20-day moving averages in order for today's option bulls to reap a reward. From an even longer-term standpoint, the security is staring up at its 20-month trendline, which is stagnating in the $24 neighborhood. This moving average hasn't been conquered on a monthly closing basis since August 2012, and could once again smack INTC lower.

Thanks to a roughly 14% post-earnings plunge for Sears Holdings Corp (NASDAQ:SHLD) today, option players have turned tail with a quickness. Puts are trading at almost 10 times the average intraday volume, and these option players aren't shy about calling for additional downside in the near term. The June 47.92 put is one of the most active strikes today, where the majority of the 1,110 contracts traded has changed hands at the ask price. Volume outstrips open interest the out-of-the-money strike, pointing to buy-to-open activity.

The June 47.92 puts are trading at a volume-weighted average price (VWAP) of $2.36, indicating a breakeven level of $45.56 (strike price less VWAP), or 10.2% below the equity's present price of $50.09. Should the stock fail to breach the strike price by the close on June 21, the most the traders have risked is the initial cash outlay.

Delving deeper into the information reveals that today's put buyers are willing to pay a pretty penny for their bearish bets. Despite dropping following this morning's earnings announcement, implied volatility for the June 47.92 put is currently inflated relative to the stock's 20-day historical (realized) volatility (46.5% vs. 37.7%). In other words, premium is relatively expensive at the moment.

As touched upon, today's penchant for puts diverges from the withstanding trend seen in SHLD's options pits. In the two weeks leading up to this morning's report, traders at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have bought to open 13,922 calls, compared to just 2,531 puts, resulting in a 10-day call/put volume ratio of 5.50. What's more, this ratio ranks just 6 percentage points from a 52-week peak, suggesting calls have been picked up over puts at a near annual-high clip throughout the past 10 sessions.

It's a sentiment that's shared among short-term speculators, as well. The stock's Schaeffer's put/call open interest ratio (SOIR) of 0.62 ranks lower than 92% of similar readings taken in the last year. Simply stated, traders have rarely been more call-heavy among options expiring in three months or less.

Heading into today's session, the stock was sporting an impressive 40.6% gain. However, the stock has gapped significantly lower -- whittling away its year-to-date advance to 21% -- after reporting a wider-than-expected quarterly loss today. The equity is now teetering atop the psychologically significant 200-day moving average -- a trendline SHLD has not finished a daily close south of since April 24.