Options in Motion: Calpine

Siebel had call-buyers and put-sellers.
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Siebel Systems

(SEBL)

had call-buyers and put-sellers on news the company received a takeover bid from software giant

Oracle

(ORCL) - Get Report

valued at $5.85 billion.

The October 10 calls traded 3,000 contracts, while the November 10 calls traded 5,600 times. Meanwhile, the January 2007 10 puts traded more than 7,000 times. Siebel's stock was up $1.18, or 12.9%, to $10.31.

On Friday, call buying was heavy in Siebel, including a large buyer of the January 2006 7.50 calls. Those options are up $1.15 on the day.

Oracle had sellers of October and December puts after the company said it would acquire Siebel. The October 13 puts traded more than 17,000 times, and the December 13 puts have traded 5,000 contracts. The stock was up 14 cents, or 1.1%, to $13.42.

Calpine

(CPN)

saw a seller of the January 2.50 puts more than 21,000 times as the stock traded higher, recently gaining 12 cents, or 3.8%, to $3.26.

Google

(GOOG) - Get Report

saw heavy call buying in September as the stock ramped up 3%. The September 300 calls traded 14,000 times, the September 310 changed hands 19,000 times, and 10,400 of the September 320 calls were swapped.

The September 300 puts traded 14,700 times, and the September 310 puts were lower by $7.20. Google's stock was up $9 to $308.09.

Citigroup

(C) - Get Report

had a buyer of the September 45 calls roughly 16,000 times after the financial giant was upgraded by a Wall Street analyst. The stock was adding 43 cents, or 1%, to $45.04.

Suncor Energy

(SU) - Get Report

had sellers of its March call options as oil traded lower. The March 60 calls traded 1,300 contracts, while the March 65 calls traded 14,000 times. March 70 calls traded 1,400 times. The stock was down $1.82, or 3%, to $58.34.

With September options expiring this week, traders can expect to see rapid decay as Friday approaches.

The CBOE Market Volatility Index, a measure of implied volatility based on the S&P 100 options and a commonly used gauge of fear in the market, was recently down 2.9% to 11.63. The CBOE Nasdaq Volatility Index, which measures the implied volatility of the Nasdaq 100, was up 5.4% to 15.04.