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Midday Unusual Options Activity Update - ALKS, IPI, SIGM, AMAT, PNC, M, TOL, SUNW, DRYS, MON, PCS

Implied Volatility Movers

Alkermes (ALKS), a biotech company, is up 10 cents to $7.68 and implied volatility has been moving higher amid increasing call buying. 3070 contracts traded midday, which represents 13X the normal levels, and nearly 90 percent of the trades hit ask-side of the bid-ask spread, according to data from WhatsTrading.com. Meanwhile, implied volatility is moving up to 115, +2 today and +16 on the week.

Implied volatility is also higher in Intrepid Potash (IPI), Sigma Designs (SIGM), and Applied Materials (AMAT). Meanwhile, implied volatility is lower in PNC, Macy's (M), and Toll Brothers (TOL).

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Unusual Volume   

Sun Micro (SUNW) options volume is running 3X the usual. 86,000 contracts traded and call volume accounts for 69 percent of today's volume.

Options activity in DryShips (DRYS) rose to 2X the usual, with 81,000 traded and call volume representing about 96 percent of the activity.

Monsanto (MON) options activity is running 2X the usual. 73,000 contracts traded and call volume accounting for about 54 percent of the activity.

Increasing volume was also seen in Macy's (M), MetroPCS (PCS), and Toll Brothers (TOL).

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