Did you hear the silence?

Options Buzz: Join the discussion on

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Message Boards. Even though the

Chicago Board Options Exchange

was shut down for about two hours Monday, it didn't stop options trading in some of the traditional big favorites. The take on those had changed a bit though.

For instance,

Amazon.com's

(AMZN) - Get Report

questionable earnings

last week didn't beat down the stock price. However, this week's

Euro-dominated note offering just might do the trick.

In other words, Amazon.com is still losing money, and is borrowing more.

Sounds like a recipe for a falling stock price, and the option traders seem to agree. Puts, or contracts giving the holder the right to sell the stock, crept up in price and volume Monday for Amazon.com, as the share price drifted down 2 5/16 to 76 1/4.

Amazon's February 75 puts gained 1 1/4 ($125) to 3 7/8 ($387.50) on volume of more than 1,000 contracts Monday. Those puts give the owner the right to sell Amazon stock at 75 before the Feb. 18 expiration. Among bets further out in time, March 65 puts gained 3/8 ($37.50) to 3 1/8 ($312.50).

Meanwhile, the left-at-the-altar consumer products concern

American Home Products

(AHP)

shot up 2 to 47 1/2.

AHP, once again on its own after two years of trying to link up with a competitor, now becomes an almost automatic takeover target.

With that in mind, call-buyers went for the out-of-the-money February 50 calls to speculate on rumors moving the stock. That contract gained 7/16 ($43.75) to 7/8 ($87.50) following news this weekend of rivals

Pfizer

(PFE) - Get Report

and

Warner-Lambert's

(WLA)

merger deal.

Some Latin American issues and their options, such as

Telebras HOLDRs

(TBH)

have become popular in the past week.

While not a HOLDRs structure,

Globo Cabo S.A.'s

(GLCBY)

options took their turn on the dance floor. Globo Cabo is a cable television operator in Brazil with ownership interests in 18 cable-television systems.

The stock was down 7/8 to 23 3/4 but the February 22 1/2 calls gained 3/4 ($75) to 2 3/4 ($275) on roughly 500 contracts, nearly half the open interest.

While those numbers aren't near the five-digit volumes Telebras used to rack up on a regular basis, the action is showing a renewed interest in speculating on key Latin American names.