In Smithfield Foods (SFD), there was a buyer of Dec 22 calls and Jan 22.5 calls for a total of roughly 3,500 contracts. For the past two months while the overall market has been trading down, SFD has been trading higher. Yesterday, it broke out above resistance. In Zillow (Z), there was a buyer of 3,500 Feb 25 calls. The stock dropped from about $37 per share to $23 on missed earnings and guidance on November 6. It appears the options market believes Z is oversold. Another stock that is near lows and there is bullish option activity is Avon Products (AVP). Yesterday, there was a buyer of 10,000 Jan 15 calls. The next earnings release is February 14.