Cruise concern Carnival Corporation (CCL - 34.90) has blazed a path higher today, as investors celebrate the company's stronger-than-expected earnings showing. What's more, it appears options traders are betting on additional upside for the stock in the near term, with bulls employing both calls and puts to gamble on an extended rally on the charts.

So far, the equity has seen roughly 12,000 calls and 7,200 puts cross the tape -- about seven times its average single-session volume of fewer than 2,500 calls and 1,400 puts. Most popular has been the out-of-the-money October 40 call, which has seen more than 2,900 contracts change hands on open interest of fewer than 1,800, pointing to the initiation of new positions. Furthermore, 93% of the calls traded at the ask price, hinting at bullish buyer-driven volume.

On the flip side, the equity's out-of-the-money October 32 put has seen more than 1,900 contracts traded on open interest of fewer than 550 -- again, pointing to an influx of new positions. However, almost all of the puts crossed at the bid price, suggesting they were sold. By writing the 32-strike puts to open, the sellers are expecting CCL to remain north of the $32 level through front-month options expiration.

In afternoon trading, CCL has advanced 8.1% to wink at the $34.90 region. From a longer-term perspective, it seems the stock's 20-week moving average is acting as an intraday speed bump, as this trendline -- located in the $35 neighborhood -- hasn't been bested on a weekly closing basis since mid-February.

Retailer Bed Bath & Beyond Inc. (BBBY - 60.05) has been popular in the options arena today, as investors place their bets ahead of tomorrow's earnings release. Specifically, the company is scheduled to unveil its fiscal second-quarter earnings after the closing bell tomorrow, with analysts, on average, expecting a profit of 84 cents per share -- an increase of 20% from the year-ago quarter. Historically, BBBY has bested the Street's bottom-line estimates in each of the past four quarters, according to Thomson Reuters.

Jumping right in... the stock has seen roughly 17,000 calls change hands so far today -- already more than 10 times its average daily call volume, and about eight times the number of BBBY puts exchanged. Most active has been the out-of-the-money October 65 call, which has seen about 13,800 contracts traded on open interest of fewer than 1,500, pointing to newly opened positions. However, the bulk of the calls have crossed at the bid price, suggesting they were sold.

By writing the 65-strike calls to open, the sellers are expecting the shares of BBBY to remain south of the $65 level through options expiration. In this best-case scenario, the calls will expire worthless, and the investors can retain the entire premium received from the sale. In other words, it appears the speculators may be attempting to exploit relatively lofty pre-earnings premiums to bet on limited post-earnings upside for BBBY.

At midday, the shares of BBBY have tacked on 0.3% to flirt with the $60.05 level.

Along with the broader equities market, the shares of CBOE Holdings, Inc. (CBOE - 27.29) have headed higher this morning, thanks to an upbeat analyst note. Specifically, Jefferies upped its price target on the stock by $2 to $27, while trimming its targets on sector peers CME Group (CME) and NYSE Euronext (NYX). The brokerage move stands in contrast to a ratings revision yesterday by Raymond James, which downgraded CBOE to "market perform" from "outperform" -- prompting accelerated put volume on the exchange operator.

By the time the dust settled, CBOE had seen more than 3,200 puts change hands -- about five times its average single-session put volume. Most popular was the out-of-the-money October 25 put, which accounted for almost 1,000 of the contracts traded. However, while nearly all of the newly front-month puts translated into fresh open interest overnight, the bulk of the contracts traded between the bid and ask prices, making it difficult to tell for certain whether they were bought or sold.

In either case, though, yesterday's affinity for puts runs counter to the growing trend seen on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), were traders have bought to open more than eight CBOE calls for every put during the past two weeks. In fact, the stock's 10-day call/put volume ratio of 8.23 ranks in the 86th annual percentile, implying that speculators have scooped up bullish bets over bearish at a faster-than-usual clip lately.

In the same vein, the security's Schaeffer's put/call open interest ratio (SOIR) sits at 0.15, indicating that calls comfortably outnumber puts among near-term options. What's more, this ratio is docked at an annual low, suggesting short-term options players haven't been more call-heavy on CBOE at any other time during the past year.

At last look, CBOE has muscled 0.1% higher to explore the $27.29 vicinity.

Put options are unusually active today on Trina Solar Limited (TSL - 9.24), with roughly 11,000 contracts crossing the tape so far. This represents more than double TSL's average single-day put volume of 4,018 contracts. Meanwhile, only 2,150 calls have traded so far on the solar stock.

The day's most active strike is TSL's October 8 put, where 4,102 contracts have changed hands. The majority of these out-of-the-money puts traded closer to the ask price, suggesting they were purchased, and implied volatility on the newly front-month strike is up 3.1 percentage points at last check. In other words, it looks as though new bearish bets are being added today at the October 8 put.

Today's skew toward puts over calls is business as usual for TSL. During the past 10 sessions, speculators on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have bought to open 3.16 puts for every call on the equity. This ratio rests in the 88th annual percentile, implying that traders have purchased puts over calls at a faster pace just 12% of the time during the past year.

Bright and early this morning, Goldman Sachs lowered its price target on TSL to $16 from $27. As a result, the stock is down 3.9% this afternoon, having earlier tagged a new two-year low of $8.74. Year-to-date, the beaten-down shares have shed roughly 59% of their value.

The shares of Netflix, Inc. (NFLX - 153.20) have shed roughly 1.3% today, after a mea culpa from CEO Reed Hastings over the company's recent price hikes failed to soothe frazzled investors -- particularly on the heels of last week's downwardly revised subscriber forecast. In fact, at least one options player is looking for NFLX to deepen its decline through the end of the week.

Specifically, a block of 100 weekly 155-strike puts traded earlier near the ask price at $5.18, while a matching block of 100 weekly 145-strike puts changed hands closer to the bid price at $1.86. In other words, it looks as though the spread strategist purchased the higher-strike puts, while simultaneously selling the lower-strike puts -- thereby initiating a long put spread on NFLX. Both options are slated to expire after the close of trading this Friday, Sept. 23.

The spread was opened for a net debit of $3.32, so the speculator needs NFLX to fall below $151.68 (bought strike minus net debit) before he'll start to collect profits on the position. The maximum potential gain is capped at $6.68 (difference between strikes, less net debit), and is reached if NFLX settles at or below $145 at the close of Friday's session. Meanwhile, the maximum risk is limited to the initial net debit of $3.32.

Puts were especially popular on Patriot Coal Corporation (PCX - 12.50) on Friday, after the firm cut its third-quarter production guidance. By the closing bell, the commodity concern had seen almost 9,500 puts change hands -- more than three times its average daily volume of fewer than 2,700 puts.

Attracting notable attention was the weekly 13-strike put, which expires at the closing bell on Friday, Sept. 23. Specifically, nearly 1,100 contracts traded at the short-term strike -- almost all of which crossed at the ask price, suggesting they were bought. Plus, put open interest at the weekly strike swelled by more than 800 contracts over the weekend, pointing to an influx of newly opened bearish bets. By purchasing the weekly puts to open, the traders are expecting PCX to end the week south of the $13 level.

However, long puts have grown increasingly popular on PCX, even before Friday's revised production forecast hit the Street. In fact, the stock's 10-day put/call volume ratio on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sits at 0.33 -- in the 72nd annual percentile. In other words, options speculators have been scooping up PCX puts over calls at a faster-than-usual pace during the past couple of weeks.

In early trading, the shares of PCX have surrendered another 2.8% in sympathy with the broader equities market, with the stock last seen lurking in the $12.50 vicinity.

GPS concern Garmin Ltd. (GRMN - 33.85) has been popular on both sides of the options aisle today, as traders prepare for September options expiration. In afternoon trading, the stock has seen about 7,800 calls and 2,700 puts cross the tape, compared to its average single-session volume of fewer than 750 calls and 650 puts.

Digging deeper into the data, it looks like one option bear isn't finished wagering on a retreat for GRMN. Earlier today, symmetrical blocks of several hundred contracts traded at the September 35 and October 35 puts, both marked "spread." While the front-month puts crossed at the bid price of $1.17, suggesting they were sold, the soon-to-be front-month puts traded for the ask price of $2.08, implying they were likely bought. In other words, it appears the speculator is cashing in his winning September-dated puts, and buying October-dated puts at the same strike.

From a broader sentiment standpoint, though, GRMN is no stranger to skepticism. In fact, short interest accounts for nearly 21% of the equity's total available float, and would take almost four weeks to unwind, at the stock's average pace of trading. Meanwhile, only two analysts consider GRMN worthy of a "buy" or better rating, Zacks reports, compared to 12 doling out tepid "hold" or worse opinions.

At last check, GRMN has added 0.7% to flirt with the $33.85 level. What's more, the security is on pace to end the week atop both its 10-week and 20-week moving averages for the first time since mid-May. From a contrarian standpoint, an unwinding of pessimism on Wall Street could add fuel to the equity's fire.

The shares of FedEx Corporation (FDX - 75.85) have bucked the broad-market trend higher this afternoon, steepening their year-to-date deficit of more than 17%. What's more, it looks like one options strategist is betting on additional downside for FDX over the next few weeks, but is taking the conservative route to trim the cost of the play.

Earlier today, the investor bought several hundred October 75 puts for the ask price of $2.62 apiece. At the same time, the trader sold a symmetrical block of October 67.50 puts for 91 cents each. While this combination alone would point to a bear put spread, the speculator reduced his entry price even more by writing an equal amount of out-of-the-money October 85 calls for 81 cents. In other words, the strategist constructed a bearish spread for a net debit of 90 cents per trio of options ($2.62 - [$0.91 + $0.81]).

By selling the out-of-the-money options, the investor has also reduced his breakeven rail on the trade to $74.10 (put strike minus net debit), as opposed to $72.38 (put strike minus premium paid) for the straight 75-strike put buyer. However, the speculator's maximum profit is now limited to $6.60 (difference between put strikes minus net debit), no matter how far the stock should retreat beneath the sold put strike. On the flip side, the "vanilla" put buyer's reward would increase with each step south of breakeven.

At last check, FDX has given up 1.6% to explore the $75.85 vicinity.

Shares of The McGraw-Hill Companies, Inc. (MHP - 45.39) picked up steam on Thursday, with help from an upgrade to "buy" from "hold" at Argus. Today, the stock tagged a new three-year high of $45.50, and it appears one bull is employing options to gamble on an extended uptrend for the equity.

Late yesterday, several hundred February 45 calls traded for the ask price of $4 apiece, suggesting they were bought. At the same time and on the same exchange, an equal amount of February 37 puts changed hands for the bid price of $1.75, implying they were likely sold. Considering open interest increased by more than 800 contracts at each strike overnight, it appears we've detected the makings of a split-strike version of the synthetic long stock position.

By buying the 45-strike calls to open, the investor -- like an MHP shareholder -- is hoping MHP extends its recent climb north of $45. However, by simultaneously selling the out-of-the-money puts, the speculator reduced the cost of entry on the position from $4 to $2.25, and trimmed the breakeven rail on the trade from $49 (call strike plus premium paid) to $47.25 (call strike plus net debit).

Even before yesterday, though, the options crowd was upping the bullish ante on MHP. The stock's 10-day call/put volume ratio on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sits at 15.27 -- in the 86th percentile of its annual range. In other words, options speculators have bought to open MHP calls over puts at a much faster-than-usual clip during the past couple of weeks.

Since touching its new high, MHP has trimmed its lead to a still respectable 1.6%, with the stock last seen winking at the $45.30 level.

European banking stocks have muscled higher in the wake of a massive dollar auction, and Barclays PLC (BCS - 10.06) is no exception. In afternoon trading, the stock has climbed back into double-digit territory, and it looks like one options speculator may be rolling his bullish bets up and out.

So far today, BCS has seen roughly 9,300 calls cross the tape -- almost four times its average daily call volume. For comparison, fewer than 900 puts have changed hands.

As alluded to earlier, the bulk of the volume has centered on the narrowly in-the-money September 10 call and the out-of-the-money October 11 call, which have seen about 4,800 contracts and 3,200 contracts traded, respectively. The majority of the soon-to-expire front-month calls have crossed at the bid price, suggesting they were sold, while most of the October-dated calls have traded at the ask price, pointing to buyer-initiated activity.

Considering most of the activity has consisted of symmetrical blocks, and since intraday volume at the October 11 strike has exceeded open interest, it appears the options trader may be cashing in his September 10 calls, and buying to open longer-term calls at a higher strike.

At last check, BCS has added 2% to flirt with the $10.06 level. Earlier in the session, the stock topped out at $10.22.

Drugstore diva Walgreen Company (WAG - 36.87) has been in the headlines over the past week, thanks to an increasingly heated spat with Express Scripts (ESRX). Specifically, the latter company recently filed a legal complaint about the former company's marketing tactics, though Express Scripts said it's still open to a deal to renew the duo's contract, which runs through this year.

Despite the courtroom drama, though, the shares of WAG powered higher yesterday, and have extended their upward momentum this morning. What's more, it appears a handful of eleventh-hour option bulls are betting on even more gains for the stock by the end of the week.

In early trading, WAG has seen about 11,000 calls cross the tape -- already more than double its average single-session call volume. Garnering notable attention have been the at-the-money September 37 call and out-of-the-money September 38 call, which have each seen roughly 2,500 contracts change hands -- mostly at the ask price, suggesting they were bought. Plus, implied volatility has muscled higher on both calls, pointing to newly opened positions.

By purchasing the September-dated calls to open, the buyers are hoping the shares of WAG climb north of the strikes by tomorrow's closing bell, when front-month options expire. From a broader sentiment standpoint, though, bullish bets are practically par for the course for the equity. In fact, the stock's Schaeffer's put/call open interest ratio (SOIR) of 0.54 sits just four percentage points shy of a 52-week nadir, suggesting near-term options players have rarely been more call-heavy on WAG during the past year.

At last check, WAG has tacked on 0.6% to wink at the $36.87 level.

Riverbed Technology, Inc. (RVBD - 24.68) has followed its tech peers into the black this afternoon, shrugging off a price-target cut from analysts at FBR. What's more, it looks like a healthy amount of options speculators are gambling on additional upside for the shares, as evidenced by today's fondness for short-term calls.

In afternoon trading, RVBD has seen roughly 17,000 calls cross the tape -- more than three times its average single-session call volume. For comparison, not even 3,600 RVBD puts have changed hands thus far.

Digging deeper into the data, we find the near-the-money 24 strike has garnered the bulk of the attention, with about 3,350 contracts traded at the October 24 call, and another 2,300 contracts traded at the September 24 call. Furthermore, intraday volume has exceeded open interest at both strikes, and the majority of the near-term calls crossed at the ask price, hinting at buy-to-open activity. By purchasing the calls to open, the buyers are expecting RVBD to remain north of $24 throughout the options' respective lifetimes.

However, today's affinity for bullish bets is practically par for the course for RVBD. On the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security sports a 10-day call/put volume ratio of 2.43 -- in the 86th percentile of its annual range. In other words, options traders have bought to open RVBD calls over puts at a faster-than-usual clip during the past two weeks.

At last glance, RVBD has added 5.1% to flirt with the $24.68 level. Should the September 24 call buyers' hopes for a Friday finish atop the $24 level come to fruition, it would be a feat not accomplished since mid-August.

Options speculators have shown a rare affinity for calls on DryShips Inc. (DRYS - 3.10) today. In early afternoon trading, the shipping concern has seen roughly 13,000 calls change hands -- already surpassing its expected daily volume of about 10,000 calls. Meanwhile, fewer than 3,200 DRYS puts have crossed the tape.

Jumping right in... The bulk of the attention has been heaped upon the at-the-money October 3 call, which has seen around 6,100 contracts traded on open interest of fewer than 5,200, pointing to the initiation of new positions. Plus, more than two-thirds of the soon-to-be front-month calls have crossed closer to the ask price, suggesting they were bought. By purchasing the October 3 calls to open, the buyers are betting on DRYS to extend its recent climb above the $3 level over the next several weeks.

However, as alluded to earlier, today's preference for calls runs counter to the growing trend seen on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). In fact, the security's 10-day put/call volume ratio on the exchanges sits at 0.26 -- in the 91st percentile of its annual range. In other words, options players have actually picked up DRYS puts over calls at a faster-than-usual pace during the past couple of weeks.

At last check, DRYS has tacked on 3% to wink at the $3.10 level. From a longer-term perspective, the equity is challenging its 10-week moving average, which hasn't been toppled on a weekly closing basis in about two months.

The shares of Expedia, Inc. (EXPE - 28.98) gapped lower out of the gate today, possibly in response to escalating competition from Google (GOOG). Specifically, Google on Tuesday rolled out a search tool that allows travelers to search for domestic flights, filtering their queries by price, airlines, and routes. While the move is no surprise -- especially considering the search titan's buyout of ITA Software earlier this year -- it appears EXPE puts are more popular than usual in early trading today.

Within the first hour of the session, EXPE has already seen about 400 puts cross the tape, compared to its average early volume of fewer than 150 puts. Digging deeper, we find that more than half of the action has centered on the in-the-money October 31 put, which has seen 200 contracts traded. Similarly, another 113 contracts have crossed at the out-of-the-money October 24 put. Upon closer inspection, it seems nearly all of the soon-to-be front-month puts have traded at the ask price, and implied volatility was last seen higher at both strikes, pointing to bearish buy-to-open activity.

However, even before the GOOG news, options traders had been upping their bearish exposure on EXPE. In fact, the stock sports a 10-day put/call volume ratio of 0.90 on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). Compared to similar readings taken during the past year, this ratio registers in the 79th percentile -- pointing to a healthier-than-usual appetite for puts over calls during the past couple of weeks.

At last check, EXPE has shed 2.7% to hover just shy of the $29 level.