BG - Bunge Limited – Option traders were fast to predict continuing gains in global agri-producer, Bunge Ltd., as they aggressively bought call options aimed at harnessing further gains in its shares. With shares trading a little above $60 this morning, sharp-shooters forced call premiums at the November 60 strike upwards starting at 70 cents up to 1.25 as around 3,000 calls were exchanged within a matter of minutes. After a brief dip back down during the course of the morning Bunge's share price attracted more attention and jumped to $62.64 for a 5.8% gain on the day. Those November calls rocketed to a premium of 2.70 per contract offering huge immediate gains to early-bird buyers. By noon more than 4,500 contracts have changed hands. The same picture was evident at the December 65 strike call where 5,500 calls have traded. About 2,000 contracts were purchased for as little as between 70cents and 1.00 before 10am and have since more than doubled to 1.95. The call activity caught the market napping and created a 15% jump in implied volatility driving premiums higher still.

: Stock Quote, News and Research" class="showrtquote">ILMN - Illumina Inc. – Shares in the company that develops the toolkit for genomic researchers slipped 7% Wednesday to $29.05 on a day when EraGen announced a strategic partnership with Illumina to access its molecular tools technology. Option activity of 21,000 lots was above normal at 14-times the typical average volume. In the short-term investors appeared to sell call options at the 30 strike expiring in December in favor of bearish puts at the 25 strike. That would indicate whatever the catalyst for today's drop in its shares (we don't think the alliance with EraGen ought to send them into reverse gear) is likely to remain a negative factor through year end. Last month Illumina not only disappointed at earnings but also revised its forecast down. Thereafter, however, investors appeared to expect better things from the company. More than 5,500 call options were eagerly sought as the share price shrank, with investors paying up to 1.90 per contract to lock into fixed buying rights on shares ahead of January expiration implying a 10% recovery from present. The activity caused option implied volatility to rise about 20% to 49% today.

: Stock Quote, News and Research" class="showrtquote">COH - Coach, Inc. – The handbag and accessories retailer received an upgrade to ‘buy' from ‘neutral' at Goldman Sachs Group on Monday, but experienced share price declines over the past couple of days.