Noteworthy Wednesday Option Activity: UPS, NUE, TGT

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in United Parcel Service Inc (UPS), where a total volume of 23,942 contracts has been traded thus far today, a contract volume which is representative of approximately 2.4 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 76.6% of UPS's average daily trading volume over the past month, of 3.1 million shares..