Notable Wednesday Option Activity: IBM, EXPE, DAL

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in International Business Machines Corp (IBM), where a total volume of 27,255 contracts has been traded thus far today, a contract volume which is representative of approximately 2.7 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 79.5% of IBM's average daily trading volume over the past month, of 3.4 million shares..