Bearish speculators have taken a shine to Molycorp Inc (NYSE:MCP) today, as approximately 11,000 puts have crossed the tape thus far. This is more than three times the equity's expected intraday put volume, and about double the number calls exchanged. By the looks of it, most of these traders are counting on the rare earths miner to sink to new record lows in the near term -- a notable change from last week's activity in the options pits.

Leading the pack is the out-of-the-money August 3 strike, where close to 5,000 puts have changed hands at a volume-weighted average price (VWAP) of $0.12. Around three-quarters of these contracts traded at the ask price, signaling buyer-fueled volume. Additionally, today's volume has exceeded current open interest levels, and implied volatility was last seen 3.2 percentage points higher -- underscoring out theory of newly added bearish bets. In order for speculators to secure a profit from their bought-to-open puts, MCP must retreat south of the $2.88 level (strike price less the VWAP) by August expiration. This represents a drop of about 48.7% from the equity's present price of $5.61, as well as uncharted territory.

Also receiving notable attention is the July 4 strike, which has seen close to 1,800 puts exchanged -- the majority of them at the ask price, suggesting they were purchased. Meanwhile, this strike holds open interest of just 1,298 contracts, and implied volatility has surged 8.4 percentage points since the opening bell, again signaling the initiation of fresh positions. In this case, traders are wagering that the equity will fall below breakeven at $3.92 (strike price less the VWAP of $0.08) by the close on July 19. The delta for this option is docked at negative 0.096, indicating it has a less than 1-in-10 chance of finishing in the money.

As alluded to earlier, this campaign for puts over calls marks a change of pace for the stock. In fact, traders on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have bought to open 162,956 MCP calls during the past 10 weeks, versus 46,293 puts. The resulting 50-day call/put volume ratio of 3.52 is just 4 percentage points shy of a 12-month peak, meaning traders have been snapping up bullish bets over bearish at a near annual-high clip.

This overall upbeat attitude toward Molycorp Inc seems rather unusual, given the stock's year-to-date loss of more than 40%, along with its year-over-year loss of almost 72%. On the charts, the equity continues to trade below its 10-day moving average, which has served as resistance since mid-May. Still, even if the security fails to breach the aforementioned strikes, the most today's bears risk losing is the initial premium paid for their put purchases.

Of the 20 equities seeing the heaviest options volume in recent sessions, three names of notable interest this afternoon are Bank of America Corp (NYSE:BAC), Intel Corporation (NASDAQ:INTC), and Micron Technology, Inc. (NASDAQ:MU). Here is a quick look at today's interesting activity in these options pits.

Bank of America Corp (NYSE:BAC) is following in the bullish footsteps of the broader equities market today, with the stock 0.4% higher to trade at $13.25. The security's upward momentum has prompted one group of speculators to eye a move into territory not charted in two years. Specifically, 8,998 weekly 6/28 14-strike calls have changed hands, 89% of which have done so at the ask price. Implied volatility is up, and data from the International Securities Exchange (ISE) confirms that a number of positions have been bought to open. The volume-weighted average price (VWAP) for the calls is $0.02, meaning BAC must rise above $14.02 (strike plus VWAP) by next Friday's close in order for these traders to turn a profit. Should the stock fail to topple the strike, the most the traders have on the line is the initial premium paid. Although Bank of America has not traded north of $14 since March 2011, this optimistic outlook isn't out of the question, considering the stock tagged a fresh multi-year peak of $13.99 as recently as May 31. In the near term, BAC could find some options-related support atop the $13 mark, as peak put open interest in the front-month series resides at the June 13 strike. This level could translate into a foothold for the equity as the more than 72,500 contracts that rest here begin to unwind ahead of Friday's close.

Intel Corporation (NASDAQ:INTC) has surged 1.2% today, and, at last check, the stock was lingering near $25.40. The stock is now sporting a roughly 23% year-to-date advance, but some traders believe this upward trajectory will stall out over the next few months. Of the roughly 12,800 September 25 puts that have crossed the tape thus far, 86% have gone off at the ask price. Volume is outstripping open interest, hinting at buy-to-open activity. Based on the VWAP of $1.06, the calls will become profitable with each step below $23.94 (strike less VWAP) Intel takes through the close on Sept. 20. Delta for the call is perched at negative 0.45, suggesting a 45% chance the position will land in the money ahead of expiration. Meanwhile, The Wall Street Journal released an article yesterday unleashing the details of INTC's supercomputer Xeon Phi chip line. Ahead of the story, Numis downgraded fellow chip maker ARM Holdings plc (ADR) (NASDAQ:ARMH), claiming the company could be poised to lose market share to Intel Corporation.

Micron Technology, Inc. (NASDAQ:MU) is having a very good week, tacking on over 6% since last Friday's close. In fact, the stock hit a five-year high of $13.74 earlier today. This technical tenacity is nothing new for a security that's more than doubled in 2013; however, some recent upbeat attention from the brokerage bunch is only stoking the bullish flames. Not wanting to sit out on the party, Raymond James raised its price target for Micron Technology to $17 from $12 this morning, while giving the stock a "strong buy" rating. In spite of this, the June 13.50 put has seen greater than 8,500 contracts exchanged, mostly at the ask price. Only 1,068 contracts reside here, making it safe to assume that new positions are being initiated. The VWAP for the put is $0.56, making breakeven $12.94, or 4.4% below the stock's present price of $13.54. It could be these bearish traders are expecting an earnings miss. The company is slated to unveil its quarterly results after tomorrow's close. Micron has a dismal history in the confessional, and has fallen short of consensus profit estimates in each of the last eight quarters. Analysts are expecting earnings of 2 cents per share in MU's fiscal third quarter.

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.

Option traders are placing their bets ahead of Thursday's mystery event from Facebook Inc (NASDAQ:FB). Following recent trends, calls are the options of choice so far today, with roughly 73,000 contracts exchanged -- compared to just 26,000 FB puts traded. However, it appears speculators are employing calls to place both bullish and neutral-to-bearish bets on the social networking stock.

On the bulls' side, investors have honed in on the June 25.50 call, which has seen more than 4,600 contracts change hands on open interest of just 2,403 contracts, pointing to fresh initiations. Plus, the majority of the calls crossed on the ask side, implying they were likely purchased.

By buying the calls at a volume-weighted average price (VWAP) of $0.10, the buyers will begin to profit if Facebook Inc (NASDAQ:FB) topples $25.60 (strike price plus VWAP) by the end of the week. In other words, the buyers are looking for FB to jump 4.5% from its current perch at $24.50 in the wake of Thursday's "big idea" revelation. Risk, meanwhile, is capped at the initial premium paid for the calls, should FB remain beneath the strike through Friday's close, when June-dated options expire.

Elsewhere, other traders are utilizing options to bet on limited intermediate-term upside for FB, which has shed 8% so far this year. More specifically, more than 7,900 September 29 calls have traded at a VWAP of $0.48. Most of the calls changed hands on the bid side, and volume is outstripping open interest at the out-of-the-money strike, pointing to sell-to-open activity.

By writing the calls to open, the investors expect FB to stay beneath the $29 level through the next several months. In this best-case scenario, the calls will remain out of the money, and the sellers can pocket the initial premium received. However, it's possible that the sellers are also FB shareholders. In this instance, they're writing covered calls to supplement income on a stagnating stock position, but will miss out on additional upside if FB conquers $29 within the options' lifetime.

As alluded to earlier, Facebook hasn't done much to impress in 2013, with the majority of rally attempts thwarted by its 10-week and 20-week moving averages. Despite underperforming the broader S&P 500 Index (SPX) by 12 percentage points during the past two months, FB remains surrounded by optimists. The equity's Schaeffer's put/call open interest ratio (SOIR) sits at a 12-month low of 0.58, meaning near-term options traders haven't been more call-heavy during the past year.

In the same vein, 20 analysts deem FB worthy of a "strong buy," while another two have doled out "buy" ratings. Meanwhile, just nine brokerage firms consider FB a "hold," and not one has offered up a "sell" or worse suggestion.

Should FB continue to struggle on the charts, or should Thursday's big reveal fall short of expectations, a mass exodus of bulls could exacerbate selling pressure on the shares.

Option trading is sluggish on Yahoo! Inc. (NASDAQ:YHOO) today, but receiving the most attention is the January 2014 34-strike call. Nearly four out of five contracts traded at the strike have done so at the ask price, suggesting the activity has been fueled by buyers. Meanwhile, volume is outpacing open interest, indicating those speculators have bought the LEAPS specifically to open.

The 3,298 contracts traded at the strike did so at a volume-weighted average price (VWAP) of $0.67. Therefore, in order for today's bulls to gain, YHOO shares must jump to $34.67 (strike price plus VWAP) by January expiration. From the stock's present price of $26.72, that's an advance of nearly 30%. The stock hasn't conquered this breakeven rail since 2006, but the traders can rest a little easier knowing the most they have at stake is the premium paid.

Today's activity is a break from the norm. Yahoo! traders have been put heavy in the recent past. In particular, at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 50-day put/call volume ratio is 0.31. While that may not seem bearish in absolute terms, relatively speaking, it is -- ranking in the 90th percentile of annual readings.

Piling on to the pessimistic bandwagon are the analysts. Of the 26 brokerages following YHOO, 15 slap it with a rating of "hold" or worse, compared to 11 "buys" or better. Moreover, the equity's consensus 12-month price target is $27.48 -- less than a dollar above where it's currently trading.

The prevailing sentiment is a bit puzzling when one considers that Yahoo! Has tacked on over 34% year-to-date, and continues to surf atop its ascending 40-day moving average, which has contained a few mild pullbacks over the past month. Should the Internet name continue its current trajectory, or keep announcing buzz-worthy acquisitions, a round of analyst upgrades and/or price-target raises could send the shares even higher.

In other news, in the aftermath of the National Security Administration leak that is dominating the news headlines, Yahoo! Inc. (NASDAQ:YHOO) announced today that it has fielded over 12,000 data requests from U.S. law enforcement agencies.

LinkedIn Corp (NYSE:LNKD) is trading higher today on the heels of an early morning bullish brokerage note. As such, calls are outpacing puts by a margin of more than 2-to-1. Short-term speculators are eyeing additional upside through week's end, and are targeting the June 185 call. The majority of the 1,869 contracts traded have done so at the ask price, implied volatility has risen, and data from the International Securities Exchange (ISE) confirms that some of this activity is of the buy-to-open kind.

By purchasing the out-of-the-money calls for a volume-weighted average price (VWAP) of $1.21, traders will begin to profit with each step north of $186.21 (strike plus VWAP) LNKD takes through Friday's close, when front-month options expire. This breakeven mark represents expected upside of 4.1% to the stock's current perch at $178.87. The options market doesn't seem too confident this call will land in the money ahead of expiration, as delta for the position is docked at 0.19, or 19%. Should the stock fail to topple the strike price, though, the most the traders have on the line is the initial premium paid.

With LinkedIn Corp (NYSE:LNKD) having advanced more than 56% year-to-date, it's not surprising to see a call-skewed trend in its options pits. In fact, traders at the ISE, Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have bought to open 20,246 calls throughout the past 10 sessions, compared to 10,523 puts. What's more, the resultant call/put volume ratio of 1.92 ranks higher than 92% of similar readings taken in the past year, suggesting calls have been scooped up over puts at a near annual-high clip of late.

This tendency toward calls is echoed in LinkedIn's Schaeffer's put/call open interest ratio (SOIR) of 0.73. Not only does this indicate that calls outweigh puts in the front three-months' series of options, but it also ranks in the 5th percentile of its annual range. Simply stated, short-term speculators have rarely been more call-heavy toward LNKD.

As touched upon, the equity is having a tremendous time on the charts this year. Assisting this upward momentum is LNKD's 20-week moving average, which has been doing right by the stock since early December. LinkedIn recently pulled back after hitting a record peak of $202.91 on May 2, but found a solid layer of support atop this rising trendline.

As mentioned, the equity is continuing to move higher today, after Pacific Crest started LNKD with an "outperform" rating, and a price target of $215.