Mid-day Flow Summary

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Dell Inc (DELL)
Options on Dell Computer (DELL) are unusually active today, with current total option volume of 55,000 putting it on pace for triple it’s normal volume of 43,000. The stock is up slightly to $25.50 and activity is focused in at-the-money puts, with a roll of 10,000 May 25 Puts out to August for a $.66 debit to the buyer.

Apart from this roll, the flow in Dell is generally bearish, with an additional 8,000 May 25 Puts being purchased earlier in the day for $.30 through a multi-market sweep.

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Apple Computer (AAPL)
Apple continues its run as one of the most active single-stock option classes.  With the stock trading just over $100, we’ve seen option buyers in both upside calls and downside puts, although there has been a net selling of at-the-money options. A total of 91,000 contracts have traded in the name as of noon, without significant concentration at any one strike. 

A buyer of the May 90-95 Put spread paid $0.40 2500 times on the NYSE-Arca exchange, while just over 2500 May 110 Calls were lifted for $.15 on several markets.  With earnings out of the way, traders may be looking for stability near this $100 level, at least through the summer months.

Procter and Gamble (PG)
With earnings to be released tomorrow morning, PG options are trading with a significant bullish bias. There are consistent buyers in May 65 Calls, where 12,000 have traded at prices from $.45 to $.80 over the course of the morning.  This activity suggests that some buyers are looking for more than just a short term move.

The 65 strike calls are also active in the longer dated Jun and July 65s. As of noon, 26,000 Calls have traded in PG versus 7300 Puts, for a P/C ratio of .28. That ratio is consistent with other recent activity in the name.
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