Options Report: May 31st, 2011

May 31, 2011

Welcome to the Financial News Network Options Report.On the call side, EarthLink (NASDAQ:ELNK) calls are currently close to 9 times their average volume after Jim Cramer positively mentioned the company. Yongye International (NASDAQ:YONG) calls are trading close to 7 times their average volume today. Shares of the company are also trading up close to 50% on the day on unusually high volume. Apollo Group (NASDAQ:APOL) calls are trading at over 5 times their average volume today. Pulte Group (NYSE:PHM) calls are trading at just over 4 times their average volume, despite news of declining home prices. Finally, Polo Ralph Lauren (NYSE:RL) calls are trading at around 3 times their normal volume after several investors bet bearishly on the company.Taking a look at the put side of the ledger, Nokia (NYSE:NOK) puts are currently trading over 5 times their average volume following news of lowered Q2 guidance. Melco Crown Entertainment (NASDAQ:MPEL) puts are active today, trading at close to 4 times their normal volume after Sands China announced that they are selling a $300 million stake in the company. Ciena (NASDAQ:CIEN) puts are trading at around 3.5 times their average volume after a bearish bet on the company. L-1 Identity Solutions (NYSE:ID) and Star Scientific (NASDAQ:CIGX) puts close out the list today with just under 3 times their normal volume. This has been you daily options update from the Financial News Network. Stay tuned for more insight into where the big money is placing their bets each day.