Unusual Options Activity Update: GRPN, ZNGA, FSLR, PCS, GM, OCN, XLY

Implied Volatility Mover
Implied volatility in the options on Groupon (GRPN) is higher. Shares hit a low of $4.71 this morning following disappointing earnings news from social media company Zynga (ZNGA). However, GRPN has erased the morning loss and is now up 24 cents to $5.04 in active trading of almost 9 million shares. Options volume is more than double the daily average. 32,000 calls and 2,250 puts traded in the name so far. October 5.5 calls are the most actives. 20,500 traded. Meanwhile, implied volatility in Groupon options is moving up 10.5 percent to 84.5.

Volume Signals
Zynga (ZNGA) options volume is running 3X the (22-day) average, with 66,000 contracts traded and call volume accounting for 64 percent of the volume.

First Solar (FSLR) options volume is 2X, the average daily, with 82,000 contracts traded and put volume representing for 64 percent of the activity.

MetroPCS (PCS) options volume is running 5.5X the average daily, with 115,000 contracts traded and put volume accounting for 68 percent of the activity.

Increasing options activity is also being seen in GM, Ocwen Financial (OCN), and SPDR Consumer Discretionary Fund (XLY).

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