Apple_Logo_2011-04-15_1654-277Yesterday, the highest impact trades (trades with the highest delta) were call buying in JP Mogran (JPM) and Bristol-Myers Squibb (BMY)Apple (AAPL) was the most actively traded stock yesterday followed by JPM and BMYFacebook (FB) was a distant fourth.

In Exelixis Inc. (EXEL) there was a buyer of May 6 calls 4,800x.  This was 37x the normal options flow.  The stock is trading at about $4.46 implying 35% appreciation by May expiration.  There is no major headline news on the stock.

In Generac Holding (GNRC), there was a buyer of 7,500 May 40 calls.  In February, the company completed a 10 million share follow-on offering at $35 per share.  The stock is currently trading at about $35 per share having traded down from ~$41 in early February.

In Align Technology (ALGN) this morning, there is a buyer of 1,600 Apr. 30 puts.  The company reports earnings after the market close on April 18.  On April 19, the options expire.  The last time the company reported, the stock jumped from the high $20s to the low $30s.  It appears option traders are concerned there may not be a positive reaction this time.

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