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Options in technology names were active on this expiration Friday, including two giants said to be holding talks about a tie-up.

Time Warner


again saw heavy call buying, a day after reports that the company is having discussions with


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about selling a stake in America Online.

The October 18 calls have traded 17,000 contracts, and the October 19 calls have traded 27,800 times. The January 20 calls changed hands 17,600 times. The stock was up 41 cents, or 2.2%, to $18.91.

Microsoft's October 27.50 calls have traded 9,700 contracts, and its stock was down 21 cents, or 0.8%, to $26.06.

Friday marks what's called quadruple witching, meaning contracts for stock index futures, stock index options, stock options and single stock futures all expire.



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traded around the $300 strike, it has seen both buying and selling of the September 300 calls and puts. The September 300 calls have traded 15,000 times, and the September 300 puts have traded 20,000 contracts. The stock was down $2.05, or 0.7%, to $300.57.

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saw a roll forward involving the September 30/October 30 call spread trade 30,000 times. That means the September calls were sold and the October series with the same strike was purchased. The stock was down 11 cents, or 0.4%, to $31.28.

First Data

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had unusual volume in the outer months, with the January 2006/January 2007 40 call spread trading 39,000 times. In this particular time spread, a customer appears to have bought the January 2007 40 calls and sold the January 2006 40 calls.

The January 2007 40 puts traded 37,000 contracts. The open interest for the January 2007 40 calls was 6,300 contracts, and the open interest for the 2007 40 puts was 1,500 contracts. The stock was up 72 cents, or 1.7%, to $42.28.

Call sellers emerged in

Novellus Systems


as the stock traded lower. The December 27.50 calls have traded 11,000 contracts, and the stock was down 45 cents, or 1.7%, to $25.56.

The CBOE Market Volatility Index, which is based on the implied volatility of the

S&P 500

options and is used as a gauge for fear in the market, was recently down 7.3% to 11.58. Meanwhile, the CBOE Nasdaq Volatility Index, a measure of the implied volatility of the Nasdaq 100, was down 7.3% to 14.61.