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Bullish flow detected in Neutral Tandem (NASDAQ: TNDM), with 2076 calls trading, or seven times its recent average daily call volume.

Bullish flow detected in Colgate Palmolive (NYSE: CL), with 17,064 calls trading, or five times its recent average daily call volume.

Bullish flow detected in Career Education (NASDAQ: CECO), with 9156 calls trading, or 16 times its recent average daily call volume.

Increasing volume is also being seen in Research In Motion (NASDAQ: RIMM), eBAY (NASDAQ: EBAY), and Alcatel-Lucent (NYSE: ALU).

Sentiment

Stock market averages are lower late-Thursday following a round of disappointing earnings news. Cisco Systems (NASDAQ: CSCO) is down 14.3% and easily the biggest loser in the Dow Jones Industrial Average after the networking giant reported earnings that topped expectations, but then guided estimates lower for the subsequent quarter. Akamai (NASDAQ: AKAM), Pepsico (NYSE: PEP), and Activision Blizzard (NASDAQ: ATVI) are also seeing post-earnings weakness. On the economic front, the news was a bit brighter including a 36,000 drop in weekly jobless claims for the period ended February 5. Economists were looking for a decline of 9,000. However, after an eight-day winning streak, the Dow is being weighed down by Cisco and 16 other components. The Dow is down 25 points and the tech-heavy NASDAQ has lost 2.2. The CBOE Volatility Index (VIX) edged up .29 to 16.16. Trading in the options market is busy, with 9.2 million calls and 6.2 million puts traded so far.

Bullish Flow

Dish Networks (NASDAQ: DISH) adds $1.19 to $23.37 after Credit Suisse said AT&T (NYSE: T) might bid for the company. According to a Bloomberg story today, CS analysts think that AT&T could be interested in Dish’s wireless spectrum assets because customers are increasingly demanding video and broadband from the same provider. DISH hit a high of 24 early and the top options trades surfaced not long ago after the DISH Mar 24 – 25 Call Spread was apparently bought at 35 cents, 1000 times on the NASDAQ OMX PHLX. The spread is a bullish play through March (36 days) and offers a potential 65-cent pay-off (excluding commissions) if shares settle above $25, or 7% above current levels. The Feb 25, Mar 21 and Mar 24 calls are seeing interest as well. DISH has seen 7,450 calls and 1,075 puts traded, or four times its recent average daily volume.

Petrohawk (NYSE: HK) loses two pennies to $20 and 13 cents per contract is paid for a block of 18,000 HK Jun 30 Calls. Looks like an opening trade. 20,301 traded, compared with 31 contracts in open interest. Shares of the Houston-based oil and gas company have performed well lately, up 36% since Sept. 22, but have not traded north of $30 since September 2008. Next earnings due in late April.

Bearish Flow

After a volatile day of trading, including a new-52 week high of $360 early, Apple (NASDAQ: AAPL) is trading down $4.50 to $353.66 late-Thursday. Shares drifted lower in morning trading amid reports of modest crowds at the Verizon (NYSE: VZ) iPhone launch. The selling pressure intensified midday, until shares touched a low of $348 on heavy volume. AAPL has since rebounded and the overall options order flow seems to reflect mixed sentiment. 322,000 calls and 264,000 puts traded. The top trades are in the Weekly options that expire Feb 11 and kinda look like a lottery ticket, as one strategist paid 13 cents for the AAPL 320 – 330 – 340 Put Fly, 1000 times. This spread offers a $9.87 pay-out (excluding transaction costs) if shares settle at $330, or 6.7% below current levels, at the weekly expiration tomorrow. Meanwhile, Apple implied volatility is up 4.5% to 23.

Implied Volatility Mover

Investors are sizing up Sequenom (NASDAQ: SQNM) early Thursday, as shares add 94 cents to $7.65 after the company released results from a ‘locked assay’ study for non-invasive pre-natal diagnosis of fetal Down Syndrome. Results were published in the American Journal of Obstetrics and Gynecology. Shares are up on the news and the early options action includes a block of 2,950 SQNM Mar 8 Calls at 22 cents when the market was 22 to 30 cents. Looks like an opening call writer taking advantage of today’s strength to sell the contract, which is 35 cents out-of-the-money. 3,200 traded. The next biggest trade is 1,050 SQNM Feb 7 Calls at 45 cents and might be liquidating of a position in in-the-money calls. 1,415 traded. Implied volatility has eased 4% to 52.

Frederic Ruffy is the Senior Options Strategist at Whatstrading.com, a site dedicated to helping traders make sense of the complex and fragmented nature of listed options trading.