Three stocks seeing notable options activity today are biopharmaceutical firm Biogen Idec Inc (NASDAQ:BIIB), LCD specialist Himax Technologies, Inc. (ADR) (NASDAQ:HIMX), and health food issue Boulder Brands Inc (NASDAQ:BDBD). Here's a look at how speculators have been placing their bets on BIIB, HIMX, and BDBD.

• Biogen Idec Inc (NASDAQ:BIIB) has plunged 8% today to trade at $300.68, after reporting lower-than-expected third-quarter sales of its drug Tecfidera. Additionally, the company revealed the first case of progressive multifocal leukoencephalopathy (PML) in a patient that was taking its multiple sclerosis treatment. Amid today's gap lower, the stock has been placed on the short-sale restricted (SSR) list, and put volume has soared to six times the intraday average, as speculators look for alternate ways to be bearishly on BIIB. Drilling down, buy-to-open activity has been detected at the equity's weekly 10/24 300-strike put, as traders roll the dice on additional losses through week's end, when the series expires.


• Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) is down 4.6% to linger near $7.65, after Google Inc (NASDAQ:GOOGL) yesterday said it will not increase its stake in the company. This move lower is just more of the same for a stock that's shed 48% year-to-date, yet the withstanding trend in HIMX's options pits has tended toward the call side. Today, however, with the stock being placed on the SSR list, puts are trading at three times what's typically seen at this point in the day. Upon closer inspection, new positions are being established at HIMX's November 7 strike.


• Boulder Brands Inc (NASDAQ:BDBD) has shed 22.2% -- making it one of the biggest percentage losers on the Nasdaq -- and earlier tagged a fresh 52-week low of $8.72, after issuing a profit and revenue warning for its third quarter, and downwardly revising its fourth-quarter earnings outlook. As such, BDBD is now sitting on the SSR list, and option volume is running at 13 times the expected intraday amount. Amid this accelerated demand, the equity's 30-day at-the-money implied volatility has surged 37.9% to an annual high of 76.7%. With BDBD last seen at $9.93, speculators from both sides of the option aisle are targeting the 10 strike. Specifically, fresh bets are being initiated at BDBD's November 10 call and put, as well as the March 10 call. The company will unveil its full third-quarter results before the open on Thursday, Nov. 6.

Cliffs Natural Resources Inc (NYSE:CLF) is up nearly 13% today at $9.63, after Credit Suisse warned of a potential short squeeze in the shares. Option bulls have responded, as volume has raced to double the usual intraday level.

A significant portion of the calls traded so far can be traced to a single individual. Specifically, a block of 7,930 weekly 10/31 7-strike calls was exchanged about 45 minutes into the session. It did so near the ask price (at $2.25 per contract), and implied volatility soared 39 percentage points on the transaction, collectively suggesting newly bought bullish bets.

Based on the above, breakeven at next Friday night's expiration is $9.25 (strike plus premium paid), meaning the aforementioned contract is already in profitable territory. Specifically, the bid price on the weekly call has spiked to $2.61 due to this morning's rally, which works out to a $0.36 profit per contract (or about $2,855 total).

It's worth noting that the weekly call encompasses CLF's next earnings report, due out next Monday afternoon. These events haven't always been kind to the shares. In fact, in the session following the company's July and April reports, the stock dropped 2.9% and 4.1%, respectively.

On a longer-term basis, Cliffs Natural Resources Inc (NYSE:CLF) has lagged the market significantly. Year-to-date, the equity is down 63.3% -- even after today's rally -- and has underperformed the broader S&P 500 Index (SPX) by more than 50 percentage points during the previous three months. Earlier this month, CLF also tagged a fresh 10-year low.

The 20 stocks listed in the table below are the S&P 500 Index (SPX) components that have attracted the highest weekly options volume during the past 10 trading days. Names highlighted are new to the list since the last time the study was run, and data is courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. One name of notable interest today is Bank of America Corp (NYSE:BAC), where option traders are eyeing a strong finish to the week.

Since taking an earnings-induced stumble last week, shares of Bank of America Corp have bounced back nearly 8%. The stock is continuing this momentum today, up 0.2% to $16.64. However, this is not enough to satiate this morning's option bulls, who are eyeing more upside for the financial firm through week's end.

Taking a quick step back, calls are outpacing puts by a nearly 2-to-1 margin thus far, and based on BAC's 30-day at-the-money implied volatility (IV) -- which is up 1.6% at 20.1% -- short-term contracts are in high demand. Most active on the call side is the equity's weekly 10/24 17 strike, where 13,855 contracts have traded. Almost all of these calls have gone off at the ask price, and IV is higher, two indications of buy-to-open activity. This theory is echoed by Trade-Alert.

Amid today's positive price action, delta on the call has risen to 0.15 from 0.10, suggesting an increased probability the option will be in the money at this Friday's close, when the weekly series expires. Should Bank of America Corp (NYSE:BAC) fail to topple $17 by week's end, though, the most the call buyers stand to lose is the initial premium paid.

Despite reporting a third-quarter earnings beat and upping its full-year core earnings guidance, The Boeing Company (NYSE:BA) is sitting 1.7% lower this morning at $125.04 amid concerns over rising costs for its 787 Dreamliner. It was a different story yesterday, when the shares added 2.3% -- a move that prompted option bulls to target the plane manufacturer.

Looking more closely at Tuesday's options activity, overall volume doubled the typical single-session pace, and calls outnumbered puts 27,000 contracts to 21,000. BA's most active strike was the November 130 call, where close to 3,300 contracts changed hands -- mostly at the ask price, suggesting they were purchased. What's more, open interest rose here overnight, signaling fresh bullish bets.

By scooping up the long calls, the traders are wagering on BA to topple the round-number $130 level by the close on Friday, Nov. 21, when front-month options expire. However, the stock hasn't explored this territory since mid-July, with the area rebuffing several advances in recent months. Moreover, delta on the call has sunk to 0.22 from 0.32, following the post-earnings drop.

Taking a step back, The Boeing Company (NYSE:BA) is now sitting on a year-to-date deficit of 8.4%. Plus, the shares are facing potential overhead resistance in the form of their 120-day moving average, located at $127.82.

The 20 stocks listed in the table below have attracted the highest total options volume during the past 10 trading days. Names highlighted are new to the list since the last time the study was run, and data is courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. One name of notable interest today is Microsoft Corporation (NASDAQ:MSFT), where one options trader is setting a short-term floor.

Microsoft Corporation is grabbing headlines today, as CEO Satya Nadella announced the company will provide (at no cost) its cloud-computing technology and research applications to medical researchers fighting Ebola. "One of the things tomorrow morning we're going to do is make available Azure computer power to the research community," Nadella said. "In addition we have some tools that Microsoft researchers built to be able to do vaccine discovery, so we want to take all of that and make it available for the research community."

On the charts, MSFT has rallied nearly 2% to its current perch at $44.91. Meanwhile, in the stock's options pits, the November 42 put is seeing considerable activity, with roughly 13,500 contracts on the tape -- making it the software name's most active option.

Around noon ET, several large and mid-sized blocks changed hands at the out-of-the-money strike. Based on data from the International Securities Exchange (ISE), it's safe to assume these puts are being sold to open, as the option writer foresees limited potential downside. Specifically, the trader is gambling on MSFT to remain at or above $42 from now through the close on Friday, Nov. 21, when front-month options expire.

Taking a step back, Microsoft Corporation (NASDAQ:MSFT) boasts an impressive 20% year-to-date gain, and is poised to close atop its 10-day moving average for just the second time since late September. Looking ahead, the company will report fiscal first-quarter earnings after the close on Thursday; analysts are expecting a per-share profit of 49 cents.

Short-term call traders are taking aim at NVIDIA Corporation (NASDAQ:NVDA) today, as call volume on the chip stock surges to roughly 18,000 contracts -- representing four times the usual intraday level. The most active option is NVDA's weekly 10/24 18-strike call, where 6,584 contracts have crossed the tape.

Most of these weekly options have traded near the ask price, and open interest at this strike totals just 2,137 contracts. In other words, it looks like speculative players are buying to open new bullish bets here today. By doing so, they're betting on NVDA to rally beyond $18 through the end of this week, when these calls are set to expire.

Shares of NVIDIA Corporation (NASDAQ:NVDA) have rallied 12.7% year-to-date, and they're up 2.8% this afternoon to trade at $18.06. However, there's a looming challenge overhead in the form of NVDA's 200-day moving average, currently docked at $18.23. This formerly supportive trendline was breached earlier this month, and could serve as an obstacle for the stock during the short term.

Option traders have taken a shine to blue chip The Coca-Cola Company (NYSE:KO), Chinese Internet issue Alibaba Group Holding Ltd (NYSE:BABA), and telecom tech concern JDS Uniphase Corp (NASDAQ:JDSU). Here's a look at how speculators have been placing their bets on KO, BABA, and JDSU today.

• The Coca-Cola Company (NYSE:KO) has surrendered 6% to linger at $40.68, as the company's quarterly earnings fell flat. While today's earnings miss was likely much to the delight of recent option bears, some speculators today are gambling on a short-term rebound for KO. Intraday option volume is running at three times the normal pace, with buy-to-open activity detected at the weekly 10/31 40-strike call -- the most active strike thus far. Slightly longer-term bulls, meanwhile, are purchasing new positions at the weekly 11/7 45-strike call, amid hopes for KO to rebound -- and notch record highs -- by the close on Friday, Nov. 7, when the options expire.


• Amid a tech-sector rally, Alibaba Group Holding Ltd (NYSE:BABA) has advanced 2.5% to trade at $90.50. The company today confirmed that it will unveil its inaugural public earnings report on Tuesday, Nov. 4, and options traders are scrambling to place their bets. The equity's 30-day at-the-money implied volatility is up 5.7% at 41.1%, and earlier notched an all-time peak, with intraday call volume running at nearly twice the typical pace. What's more, calls are outpacing puts by a roughly 3-to-1 margin, echoing the growing trend seen on the major options exchanges. Digging deeper, it looks like bulls are buying to open the November 90 call, expecting BABA to extend its climb north of the strike in the short term.


• Finally, JDS Uniphase Corp (NASDAQ:JDSU) is also following the tech sector higher, up 2.5% at $12.29. What's more, the stock scored a bullish brokerage note from UBS, which lifted its price target by $3 to $17 and underscored a "buy" endorsement. Intraday options volume is running at twice the average rate, with buy-to-open activity spotted at the June 11 put. By purchasing the puts to open, the buyers expect JDSU to retreat beneath $11 -- territory not charted since early September -- over the next eight months. Looking ahead, JDSU is set to report fiscal first-quarter earnings after the close next Wednesday. In the wake of its last two trips to the earnings confessional, JDSU dropped 8.5% and 14.2% in the subsequent sessions.

The 20 stocks listed in the table below are the S&P 500 Index (SPX) components that have attracted the highest weekly options volume during the past 10 trading days. Names highlighted are new to the list since the last time the study was run, and data is courtesy of Schaeffer's Senior Quantitative Analyst Rocky White. One name of notable interest today is American Airlines Group Inc (NASDAQ:AAL), which has seen a surge in options volume.

Airline stocks are flying high today, and American Airlines Group Inc is no exception. Shares of the Texas-based transportation company have rallied nearly 7% to trade at $37.65, and year-to-date, they're up roughly 49%.

Options traders have taken notice. In fact, intraday volume is running at double what's expected at this point in the session, and calls are tripling puts, 51,000 contracts to 17,000. Among weekly AAL options, the 11/7 37-strike call is leading the way, with 3,448 contracts on the tape. The vast majority have crossed at the ask price, implied volatility is edging higher, and volume tops open interest -- collectively pointing to buy-to-open activity. This theory is reiterated by Trade-Alert.

Thanks to today's massive rally, the weekly AAL options are now in the money. However, for the buyers to profit at expiration, the shares need to muscle north of $38.69 -- the strike plus the volume-weighted average price of $1.69 -- by the close on Friday, Nov. 7, a time frame that encompasses the company's earnings report, slated for release this Thursday morning. Historically, American Airlines Group Inc (NYSE:AAL) hasn't ended a week above that mark since late August.

Biotech stock bluebird bio Inc (NASDAQ:BLUE) typically flies under the radar with options traders. On an average day, only 330 total puts and calls change hands on BLUE. However, the stock's call options saw a relative spike in interest yesterday, with 1,146 contracts exchanged during the course of the session.

The most active BLUE strike was the November 40 call, with 764 contracts crossing the tape. The majority of these front-month bets traded at the ask price, implied volatility at the strike rose 5.2 percentage points by the close, and 623 of these calls translated into new open interest overnight -- so it's safe to assume options traders were buying to open new bullish bets on BLUE yesterday.

Shares of bluebird bio Inc (NASDAQ:BLUE) have rallied nearly 80% year-to-date, including today's 2.4% gain, to trade at $37.69. By purchasing the November 40 calls, speculative players are betting on BLUE to break out above this looming round number over the next month. Back in mid-June, the stock tagged an all-time high of $41.75 -- but in the months since, BLUE's positive momentum has consistently fizzled around the $38-$40 neighborhood.

Call options were unusually active on Vringo, Inc. (NASDAQ:VRNG) on Monday, with 4,749 contracts crossing the tape -- representing nearly five times the stock's average daily call volume of 972. The most active strike was VRNG's January 2015 1-strike call, where 1,683 contracts were traded. Nearly 1,300 of those January 1 calls translated into new open interest overnight, and it appears most of those options were bought to open.

Traders who bought those VRNG January 1 calls are betting on the stock to rally above $1 per share over the next three months. The penny stock has shed roughly 68% of its value year-to-date, and is currently trading flat with Monday's close at $0.95.

Despite the stock's close proximity to proverbial support at zero, there are still plenty of short sellers looking for Vringo, Inc. (NASDAQ:VRNG) to deepen its decline. Short interest accounts for nearly 18% of the equity's float, or nine times VRNG's average daily trading volume. In light of this fact, it's possible that some of yesterday's call buyers were actually short sellers looking to hedge against a short-term rally.

NQ Mobile Inc (ADR) (NYSE:NQ) is nearly 8% higher this afternoon to trade at $9.06, and options traders have responded. At last check, calls are changing hands at double the usual intraday pace, and puts are crossing at nine times what's expected .

Digging deeper, however, it appears many of the put traders aren't of the "vanilla" variety. Instead, at NQ's most active strike -- the deep out-of-the-money November 6 put, where roughly 2,500 contracts are on the tape -- speculators are selling to open contracts. This theory is underscored by data from Trade-Alert. In other words, these put writers are gambling on the equity to remain above $6 from now through the close on Friday, Nov. 21, when the newly front-month options expire.

On the charts, NQ has had a rough 2014, surrendering 38.5% of its value. In fact, the stock was below the aforementioned strike as recently as Sept. 23.

Turning to the future, NQ Mobile Inc (ADR) (NYSE:NQ) is scheduled to step up to the earnings mic sometime in mid-November. The shares tend to make big moves following these quarterly events (and in general, too). Over the past eight quarters, the stock has swung an average of 7.6% the day after reporting, including a 20.6% loss in April.

Three stocks seeing notable options activity today are java giant Keurig Green Mountain Inc (NASDAQ:GMCR), streaming issue Netflix, Inc. (NASDAQ:NFLX), and integrated circuit specialist Cirrus Logic, Inc. (NASDAQ:CRUS). Here's a look at how today's options traders have been placing their bets on GMCR, NFLX, and CRUS.

• GMCR is starting the week out with a bang -- up 3.4% to trade at $142.41. Today's positive price action is just more of the same for a stock that's tacked on more than 88% year-to-date, and more recently, outperformed the broader S&P 500 Index (SPX) by 19.7 percentage points over the past three months. In the options pits, though, put volume is trading at 1.5 times the typical intraday amount, and GMCR's 30-day at-the-money implied volatility has surged 11.6% to 46.3%, signaling elevated demand for short-term options. Drilling down, buy-to-open activity has been detected at Keurig Green Mountain Inc's weekly 10/31 132-strike put, as traders gamble on retreat for the shares through next Friday's close -- when the series expires.


• Amid NFLX's steep 21% decline last week, the stock's 14-day Relative Strength Index (RSI) slid to 22 -- in oversold territory. This may explain why the security has bounced 1.5% today to trade at $362.63, or traders could just be cheering the company's newest collaboration. Regardless, option volume is running at a slightly accelerated pace, and all 10 of Netflix, Inc.'s most active options expire at this Friday's close. The equity's weekly 10/24 365-strike call has seen the most action, and is being bought to open for a volume-weighted average price (VWAP) of $7.08.


• It could be a volatile two weeks for shares of CRUS. Specifically, Apple Inc. (NASDAQ:AAPL) -- from which Cirrus Logic, Inc. gets roughly 80% of its revenue -- will report earnings after tonight's close. Additionally, CRUS will take its own turn in earnings confessional after the close next Wednesday, Oct. 29. Over the past four quarters, the stock has averaged a single-session post-earnings loss of 4.1% -- including a nearly 14% plunge last October. Today, however, the equity is trading higher, and was last seen up 4.5% at $21.02. As such, call volume has soared to five times what's typically seen at this point in the day, and a number of speculators are betting on the security to extend today's positive price action through week's end. Specifically, speculators are buying to open CRUS' weekly 10/24 21-strike call for a VWAP of $0.39.