Civeo Corp (NYSE:CVEO) is trying to come back from yesterday's analyst-exacerbated drubbing, when the shares lost more than half of their value. At last check, the stock was up 3.8% at $4.07 (but remains on the short-sale restricted list). Option traders are responding by targeting calls, with the contracts crossing at 23 times the intraday norm.

Digging deeper, CVEO's most active option is the January 2016 7.50-strike call, where nearly 9,000 contracts are on the tape. However, this isn't the work of option bulls; in fact, the option is seeing some sell-to-open activity, as traders wager on a long-term technical ceiling for the shares. Specifically, the call writers believe the stock will churn below $7.50 through January 2016 options expiration -- despite the fact it was above that level earlier this week.

While the aforementioned traders targeted a long-term strike, now appears to be an opportune time to sell premium on short-term contracts. CVEO's Schaeffer's Volatility Index (SVI) of 115% registers at the top of its annual range, suggesting the stock's front-month options are relatively expensive, from a volatility perspective.

More traditional option skeptics have also swarmed Civeo Corp (NYSE:CVEO) in recent months. During the last 10 weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), speculators have bought to open more than two CVEO puts for every call.

Tekmira Pharmaceuticals Corporation (NASDAQ:TKMR) is extending yesterday's gains, adding 15.1% today to hit $16.00, after providing a promising update on its TKM-PLK1 Phase I/II clinical study. Not surprisingly, bullish speculators have taken notice.

In TKMR's options pits, volume is running at 10 times what's expected around midday, with calls trading at 16 times their normal intraday pace. Moreover, eight of the security's 10 most active options are calls, with the weekly 1/2 13 and January 2015 17 strikes leading the way, with over 400 contracts exchanged for both.

Digging deeper, it appears the contracts are being bought to open. The former group believes TKMR will continue traveling north of the $13 mark through the close this Friday, Jan. 2, when the weekly series expires. Meanwhile, the latter group hopes to see the stock topple the $17 level by the close on Friday, Jan. 16, when front-month contracts cease trading.

Today's price action offers some hope for a stock that has been struggling of late. In the past three months, TKMR has underperformed the broader S&P 500 Index (SPX) by a staggering 46 percentage points, due in part to overheard pressure from its descending 30-day moving average. However, the stock hurdled this key trendline with today's gains, and is poised to close above it for the first time since mid-October.

Tekmira Pharmaceuticals Corporation (NASDAQ:TKMR) still has a long way to go if it wants to catch its consensus 12-month price target, however. At $34.80, the figure more than doubles the stock's current level.

Option volume is heavy today on Arrowhead Research Corp (NASDAQ:ARWR), relatively speaking. The under-the-radar stock typically sees fewer than 2,500 calls and puts change hands during an average session -- but already today, more than 1,300 calls and 679 puts have been traded on this biopharmaceutical name.

It's the second straight day of heavier-than-usual option activity for ARWR, as volume jumped to seven times the norm in Tuesday's session. Yesterday's most popular option was the January 2015 8-strike call, with 2,184 contracts exchanged -- many of which were bought to open.

With ARWR off 1.3% at $7.47 this morning, those short-term calls are out of the money by a slim margin. However, the stock traded as high as $8.55 yesterday, bolstered by reports of a possible acquisition offer from Gilead Sciences, Inc. (NASDAQ:GILD).

Yesterday marked the first trip north of $8 for Arrowhead Research Corp (NASDAQ:ARWR) since early October, and it's possible that the sudden interest in short-term 8-strike calls wasn't necessarily bullish. Short interest accounts for 31.5% of the stock's float, so bearish bettors may have been purchasing calls to hedge against a potential buyout-related pop over the next two weeks until expiration.

Among the stocks attracting attention from options traders lately are cybersecurity specialists Check Point Software Technologies Ltd. (NASDAQ:CHKP), FireEye, Inc. (NASDAQ:FEYE), and LifeLock, Inc. (NYSE:LOCK). Below, we'll break down how option buyers are positioning themselves, and how much speculators are willing to pay for their bets on CHKP, FEYE, and LOCK.

• CHKP has had a great year, adding 22.7% year-to-date to perch at $79.11, and notching a fresh 13-year high of $80.82 on Dec. 24 -- possibly helped by media buzz over recent hacking scandals involving both Sony Corp (ADR) (NYSE:SNE) and Microsoft Corporation (NASDAQ:MSFT). Accordingly, sentiment in the stock's options pits is skewed bullishly. Check Point Software Technologies Ltd.'s 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 28.19 stands just 7 percentage points away from an annual peak. Meanwhile, short-term options for the stock are currently inexpensive, as its Schaeffer's Volatility Index (SVI) of 18% ranks in the 23rd percentile of all similar readings from the past year.


• Shares of FEYE haven't been so lucky, shedding 25.7% year-to-date to rest at $32.41, including 1.8% yesterday. However, overall sentiment in the equity's options pits is bullish, as FireEye, Inc.'s 10-day ISE/CBOE/PHLX call/put volume ratio of 6.51 ranks in the 88th percentile of its annual range. Though, with over 15% of the stock's float sold short, some of these long calls may have been initiated by short sellers seeking an upside hedge. Whatever the motive, FEYE's short-term options are available for bottom-of-the-barrel prices, as its SVI of 52% ranks in the 13th percentile of all similar readings taken in the past year. Additionally, the stock's Schaeffer's Volatility Scorecard (SVS) of 100 indicates the shares have tended to make outsized moves in past year, relative to what the options market has priced in.


• After selling off early in the year, LOCK has rebounded, and is now up 14.5% year-to-date to perch at $18.79. Overall sentiment in the options pits is bullish, as LifeLock, Inc.'s 10-day ISE/CBOE/PHLX call/put volume ratio of 114.20 registers in the 78th percentile of its annual range. Meanwhile, short-term volatility expectations are fairly modest; 30-day at-the-money implied volatility on LOCK is 44.7%, in the 35th annual percentile.

Boyd Gaming Corporation (NYSE:BYD) has jumped over 7% today to trade at $13.03. As a result, activity in the stock's options pits has picked up considerably, with intraday volume at 53 times normal trading levels. Also, BYD's 30-day at-the-money implied volatility is up 13.2% at 44.2%, showing short-term options are in high demand.

Speculators are taking a mostly bullish stance today, with calls outpacing puts by a 10-to-1 margin. The most popular strike is the February 13 call, where roughly 19,400 contracts have been exchanged -- over 19 times more than any other strike. The majority of these calls crossed at the ask price, hinting at buy-to-open activity.

These speculators expect the security to top the $13 mark -- a level not touched since April before today -- by the close on Friday, Feb. 20, when the back-month series expires.

This interest in BYD calls goes against what's previously been seen in the stock's options pits. Per its Schaeffer's put/call open interest ratio (SOIR) of 1.03, in the 98th annual percentile, short-term speculators have only been more put-skewed 2% of the time in the past year.

Options traders haven't been the only ones unsure of Boyd Gaming Corporation (NYSE:BYD). Of the 10 analysts covering the security, eight rate it a "hold," and one rates it a "sell." However, today's price increase puts BYD even further above its consensus 12-month price target, which sits at $10.44.

SunPower Corporation (NASDAQ:SPWR) is off 1.3% this afternoon to trade at $25.80, bringing its year-to-date deficit beyond 13%. What's more, just overhead (at $26.20) the shares face a level of resistance in the form of their descending 30-day moving average. As such, at least one group of options traders is upping the bearish ante.

Today's most active SPWR strike is the February 23 put, where speculators are initiating long positions. In short, these traders are angling for the underlying to tumble back below $23 by the close on Friday, Feb. 20, when the back-month options expire. The shares briefly breached this level earlier this month -- hitting an annual low of $22.75 -- before bouncing to their current perch.

Today's put buying is business as usual for SunPower Corporation (NASDAQ:SPWR). The stock's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio rests at an annual high of 4.66. In other words, traders have been buying to open SPWR puts over calls at a much faster-than-usual rate in recent weeks -- quite the change from the last time we covered the security.

Whole Foods Market, Inc. (NASDAQ:WFM) finally muscled its way back atop the round-number $50 mark, putting it in territory not seen since early May. At last check, the grocer's shares were 1.6% higher at $50.52. This notable move is being met with plenty of options activity.

Diving right in, the stock's options are crossing at nearly triple the average intraday pace, with calls and puts trading near parity. Short-term strikes are in high demand, as well, per WFM's 30-day at-the-money implied volatility -- up 10.1% at 22.7%.

Specifically, buy-to-open activity appears to be transpiring at the January 2015 49-strike and 46.50-strike puts. In a nutshell, these speculators are aiming for WFM to tumble back below the respective strikes by the close on Friday, Jan. 16, when front-month options expire.

Alternatively, it's possible the put buyers are shareholders attempting to protect themselves against a pullback in the underlying. After all, WFM has rallied sharply over the last two months -- gaining 28.5% since the end of October. During that time span, the equity has outperformed the broader S&P 500 Index (SPX) by roughly 22 percentage points.

No matter their motive, today's put buyers have plenty of company. During the last 50 days at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Whole Foods Market, Inc. (NASDAQ:WFM) has racked up a put/call volume ratio of 0.74 -- in the 81st percentile of its annual range.

Herbalife Ltd. (NYSE:HLF) has been hovering around $38 for the past couple of weeks, and is currently perched at $38.45. That's a far cry from where the stock started the year, with the shares losing more than half their value in 2014. In yesterday's options trading, one group of speculators wagered on continued downside through the start of 2015.

Taking a quick step back, HLF puts crossed at a 30% mark-up to the average daily pace on Monday, and outnumbered calls by a nearly 3-to-1 margin. Looking more closely, buy-to-open activity was detected at the February 27.50-strike put -- which was also the equity's most active option. In other words, these bearish bettors are eyeing a move below $27.50 for the shares by the close on Friday, Feb. 20, when the back-month series expires. This represents territory not explored since December 2012.

On the sentiment front, the preference for puts over calls witnessed yesterday is par for the course. During the last two weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), HLF has registered a put/call volume ratio of 2.63. This reading not only indicates close to three puts have been bought to open for every call in recent weeks, but it also stands higher than 77% of all similar metrics from the past year.

Pessimism is by no means limited to the options pits, though. Roughly 39.5% of Herbalife Ltd.'s (NYSE:HLF) float is sold short, which would take nearly four weeks to cover, at average daily trading volumes.

Among the stocks attracting attention from options traders lately are yoga apparel designer Lululemon Athletica inc. (NASDAQ:LULU), solar energy issue SolarCity Corp (NASDAQ: SCTY), and at-home carbonation specialist Sodastream International Ltd (NASDAQ:SODA). Below, we'll break down how option buyers are positioning themselves, and how much speculators are willing to pay for their bets on LULU, SCTY, and SODA.

• LULU has had a rough year, dropping roughly 6.2% of its value year-to-date to settle at $55.38 -- despite a 1.1% gain yesterday, and outperforming the S&P 500 Index (SPX) by over 20 percentage points in the past three months. Meanwhile, sentiment in the stock's options pits is overwhelmingly bullish. Lululemon Athletica inc.'s 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 4.01 stands 5 percentage points away from an annual peak. Short-term options for the stock are relatively cheap at the moment, as its Schaeffer's Volatility Index (SVI) of 40% ranks in the 24th percentile of all similar readings from the past year.


• Shares of SCTY have also underperformed in 2014, shedding roughly 1% year-to-date to sit at $56.26. However, option buyers have been purchasing calls over puts at a faster rate than usual -- SolarCity Corp's 50-day ISE/CBOE/PHLX call/put volume ratio of 2.40 ranks in the 81st percentile of its annual range. SCTY's short-term options are available for basement prices, as its SVI of 44% ranks in the 8th percentile of all similar readings taken in 2014. Short sellers have also taken an interest in the equity; short interest accounts for over 35% of the stock's float, which would take 7.6 sessions to cover, at average trading volumes. This activity indicates that the recent affinity for long calls could be attributable to short sellers looking for a hedge.


• SODA's year has been dismal, as the security has lost 57.5% of its value year-to-date to perch at $21.07, and notched a fresh all-time low of $19.85 on Dec. 10. Additionally, SodaStream International Ltd has underperformed the SPX by roughly 31 percentage points over the past three months. Despite a brief surge in bullish bets earlier this month, sentiment in SODA's option pits has become appropriately bearish, with its 50-day ISE/CBOE/PHLX put/call volume ratio of 1.12 ranking higher than 91% of all other similar readings taken over the past year. Short-term bets on the stock can be had for a bargain right now, as SODA's SVI of 51% is lower than 71% of all comparable metrics taken in the previous 12 months.

Hertz Global Holdings, Inc. (NYSE:HTZ) has tacked on 2.7% this afternoon to trade at $25.29. Options traders have responded by targeting calls over puts by a more than 2-to-1 margin. What's more, one group of bettors is wagering on a solid advance over the next few months.

Diving into the details, today's most active strike is the March 29 call, where buy-to-open activity is transpiring. These traders are wagering on HTZ to topple $29 by the close on Friday, March 20, when the options expire. However, it's worth noting that the shares haven't ended a session above that mark since early September. As such, delta on the call is just 0.25 -- signifying a roughly 1-in-4 chance the contract will be in the money at expiration.

From a longer-term technical perspective, HTZ has underperformed the broader market. Specifically, the stock has surrendered 11.6% of its value in 2014, and has struggled to break north of the $25-$25.50 area in recent months. However, HTZ is up more than 7% in December -- and enjoyed its biggest gain of the year last Tuesday -- after announcing a rate hike for rental cars.

Option bears have set their sights on the equity -- today notwithstanding. Hertz Global Holdings, Inc.'s (NYSE:HTZ) 50-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 0.89 registers in the 84th percentile of its annual range. In other words, traders have bought to open puts over calls at a faster-than-usual rate during the last 10 weeks.

Alibaba Group Holding Ltd (NYSE:BABA) options traders have bought to open 2.67 calls for every put during the last two weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). That trend is continuing today, with intraday call volume nearly tripling put volume.

Among the most active BABA options are the weekly 1/2 105-strike and 107-strike calls. In fact, the two biggest transactions of the day occurred here, as one trader bought to open 914 of the lower-strike calls, and sold to open a matching block of the higher-strike calls -- employing a strategy known as a bull call spread. In so doing, the speculator anticipates BABA will continue moving north of $105 through this Friday's close -- when the weekly series expires.

At last check, the shares are 0.4% higher at $106.40. However, since hitting a record level of $120 in mid-November, the equity has given back 11.3%.

Should this recent slump continue, Alibaba Group Holding Ltd (NYSE:BABA) could be in trouble. All 22 analysts following the shares have doled out a "buy" or better rating, potentially setting them up for a round of downgrades.

Cliffs Natural Resources Inc (NYSE:CLF) is on the mend today, up 8.5% at $6.84 -- and on pace to end atop its 10-day moving average for the first time since Nov. 10. What's more, option traders are adopting a relatively rare bullish stance today, buying to open short-term calls to gamble on more upside for CLF.

Already today, the stock has seen roughly 15,000 calls cross the tape -- about four times the norm, and close to three times the number of CLF puts exchanged. Speculators have taken a shine to the equity's weekly 1/2 calls, which expire at Friday's closing bell, with buy-to-open activity detected at the 5, 6.50, and 7 strikes. By purchasing the calls to open, the buyers expect CLF to extend today's bounce and end the week north of the respective strikes.

As alluded to earlier, today's appetite for calls runs counter to the recent trend on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), where traders have bought to open more than two CLF puts for every call during the past two weeks. In fact, the equity's 10-day put/call volume ratio of 2.11 sits higher than 94% of all other readings from the past year, pointing to accelerated put buying of late.

Short-term traders are paying up for their CLF options, too. The security's Schaeffer's Volatility Index (SVI) of 88% stands higher than almost two-thirds of all other readings from the past year, suggesting CLF's near-term contracts are rather pricey, historically speaking.

Despite today's uptick, Cliffs Natural Resources Inc remains 74% lower on the year, and plumbed decade lows earlier this month. Furthermore, the stock has underperformed the broader S&P 500 Index (SPX) by more than 41 percentage points during the past three months, so it's no surprise to find that short interest accounts for more than half of CLF's total available float.