Tuesday Options Brief: VALE, LCC & PNC

Andrew Wilkinson submits: Patriot Coal Corp. (PCX) – Options traders are placing bullish and bearish bets on the coal company today with roughly one week remaining before the firm reports fourth-quarter earnings ahead of the opening bell next Tuesday. Shares in Patriot Coal are up 3.8% at $24.05 as of 12:10pm in New York.

Andrew Wilkinson submits: Fifth Third Bancorp. (FITB) – Shares of the Cincinnati, OH-based bank holding company increased as much as 2.9% this morning to secure an intraday high of $14.32, but activity in call and put options set to expire in January 2011 suggests the rally may be short lived.

Andrew Wilkinson submits: General Motors Co. (GM) – Investors initiated both bullish and bearish strategies on General Motors this morning using call and put options expiring in January 2011.

Andrew Wilkinson submits: Newmont Mining Corp. (NEM) – The gold producer’s shares started strong this morning, but earlier gains quickly gave way to losses and shares are currently down 3.00% to stand at $60.75 as of 3:25 pm in New York.

Andrew Wilkinson submits: GameStop Corp. (GME) – Less than twenty-four hours ago we reported bullish options trading activity on the retailer of video games, but today pessimists dominated the field and initiated bearish bets on the stock. GameStop’s shares are trading 0.80% lower on the day to stand at $18.32.

Andrew Wilkinson submits: Walgreen Co. (WAG) – Shares of the largest U.S. drugstore chain rallied as much as 11.3% today to touch an intraday high of $33.78 following the release of better-than-expected fourth-quarter earnings.

Andrew Wilkinson submits: Career Education Corp. (CECO) – Shares of the for-profit provider of education geared toward career-oriented disciplines rallied as much as 10.9% during the session to secure an intraday high of $23.00 on analyst reports stating the industry is likely to rebound as bearish investors close out short positions.

Andrew Wilkinson submits: Vivus, Inc. (VVUS) – One optimistic investor established a three-legged bullish options combination play on Vivus, Inc. today with shares of the biopharmaceutical firm rebounding a modest 1.01% to trade at $5.01 by 12:15 pm (ET).