Campbell Soup Co (CPB - option chain) stock is trading lower today after the company reported Q4 2010 earnings this morning, posting a profit of $113 million, or 33 cents per share, on revenue of $1.52 billion. While this beat the estimated EPS of 30 cents per share, the stock is down a chunk this morningbecause the expected revenue was $1.60 billion. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on CPB.

This morning, CPB opened at $36.03. So far today the stock has hit a high of $36.66 and a low of $35.82. As of 11:55, CPB is trading at $36.02, down $1.30 (-3.5%). The chart for CPB looks bearish and S&P gives CPB a negative 2 STARS (out of 5) sell ranking.

Manpower (MAN) closed up $1.96 to $46.87. MAN overall option implied volatility of 37 is near its 26-week average of 38 according to Track Data, suggesting non-directional price movement.

SanDisk (SNDK) closed up $1.18 to $36. SNDK September put option implied volatility is at 54, October is at 55, January is at 55; above its 26 week average of 51. SNDK call option volume of 38K contracts compares to put volume of 14K contracts according to Track Data, suggesting traders taking positions for price movement.

Options Update is by Stock Specialist Paul Foster of theflyonthewall.com.

Nordstrom (JWN - option chain) shares are rising today after the company said its August same-store sales rose 6.3%, topping analysts' forecasts of 5.9% growth. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on JWN.

JWN opened this morning at $31.79. So far today the stock has hit a low of $31.38 and a high of $32.92. As of 12:30, JWN is trading at $32.29 up $1.97 (6.5%). The chart for JWN looks neutral and S&P gives JWN a neutral 3 STARS (out of 5) hold ranking.

Apple (AAPL) closed up $7.50 to $250.56 as Steve Jobs announced newest Apple innovations. AAPL option volume was 231K contracts. September put option implied volatility is at 26, January is at 36, versus its 26-week average of 36, suggesting decreasing near term price movement.

Rowan Companies (RDC), a provider of contract drilling services, closed up $2.31 to $28.02. WTI Crude oil futures were recently up 2.79% to $73.93 according to Bloomberg. RDC September put option implied volatility is at 43, October is at 44, January is at 43; versus its 26-week average of 43 according to Track Data, suggesting non-directional price movement.

Options Update is by Stock Specialist Paul Foster of theflyonthewall.com.

Dean Foods (DF - option chain) shares are up a significant amount for the second consecutive day after rumors resurfaced that Groupe Danone SA could be investigating an acquisition of the company. This rumor first came to light back in March, but since then DF has seen its share price cut by a third, which could make the company even more attractive now. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on DF.

DF opened this morning at $10.55 So far today the stock has hit a low of $10.50 and a high of $10.75. As of 12:15, DF is trading at $10.63 up 0.41 (4.0%). The chart for DF looks neutral and S&P gives DF a neutral 3 STARS (out of 5) hold ranking.

Hovnanian Enterprises (HOV) is scheduled to take the earnings stage after Wednesday's closing bell, with Wall Street expecting the homebuilder to report a fiscal third-quarter loss of 52 cents per share. This would mark a notable improvement over Hovnanian's year-ago loss of $2.16 per share, but there's no guarantee the company can match analysts' expectations. During the past four quarters, Hovnanian has fallen short of consensus earnings estimates on two occasions.

Accordingly, speculators have been loading up on bearish bets as Hovnanian's quarterly report approaches. The International Securities Exchange (ISE) reports that traders have bought to open 4.64 puts for every call on HOV during the past 10 days, revealing a strong bias toward pessimistically oriented options.

General Dynamics (GD) closed down 70 cents to $55.87. GD September option implied volatility is at 28, November is at 32, above its 26-week average of 28 according to Track Data, suggesting larger November price movement.

Take-Two Interactive Software, Inc. (TTWO) is expected to report Q3 EPS on September 2. TTWO September put option implied volatility is at 74, December and January is at 58; versus its 26-week average of 53 according to Track Data, suggesting larger price movement.

CBOE Volatility Index-VIX closed down 1.11 to 26.10.

Update is by Stock Specialist Paul Foster of theflyonthewall.com

Bristol-Myers Squibb (BMY - option chain) shares are rising today after the release of a study which shows that an experimental blood-thinning drug co-produced by BMY and Pfizer (PFE) cut the rate of strokes among people with abnormal heartbeats by more than 50% versus aspirin. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on BMY.

BMY opened this morning at $26.11. So far today the stock has hit a low of $26.00 and a high of $26.34. As of 12:25, BMY is trading at $26.20 up 0.35 (1.3%). The chart for BMY looks bullish and S&P gives BMY a positive 4 STARS (out of 5) buy ranking.

McDonald's Corporation (MCD) closed down 70 cents to $72.74. Overall option implied volatility of 19 is near its 26-week average according to Track Data, suggesting non-directional near term price movement.

Texas Instruments Incorporated (TXN) is hosting a mid-quarter update on September 9. Susquehanna lowered its rating to neutral from positive. September option implied volatility is at 29, December is at 33 is above its 26-week average of 31 according to Track Data, suggesting non-directional price movement.

CBOE Volatility Index-VIX up 2.53 to 26.98, S&P 500 down 1.55%.

Options Update is by Stock Specialist Paul Foster of theflyonthewall.com.

Continental Airlines (CAL - option chain) shares are rising today after the US Justice Department said over the weekend that it has no more antitrust concerns about CAL's proposed merger with UAL Corp. (UAUA). Now the merger only needs to gain approval from UAUA and CAL shareholders as well as the Transportation Department. The deal is expected to close by October 1. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on CAL.

CAL opened this morning at $22.23. So far today the stock has hit a low of $22.02 and a high of $25.99. As of 12:20, CAL is trading at $22.09 up 0.29 (1.3%). The chart for CAL looks bullish and S&P gives CAL a positive 5 STARS (out of 5) strong buy ranking.

Occidental Petroleum (OXY) closed up $3.19 to $75.42. WTI Crude futures closed up 2.73% to $75.36 according to Bloomberg. September put option implied volatility is at 29, November is at 33; versus its 26-week average of 32 according to Track Data, suggesting nondirectional price movement.

3Par Inc. (PAR) closed up $6.43 to $32.46. Hewlett-Packard Co. (HPQ) announced a revised proposal to acquire 3PAR for $30 per share in cash. PAR options were active on 190K contracts according to Track Data, suggesting larger price movement. Paul Foster

Options Update is by Stock Specialist Paul Foster of theflyonthewall.com.

Honda Motors (HMC - option chain) shares are rising today after the company announced this morning that its July worldwide auto production rose 21.6% year-over-year to 314,911 units, lifting hopes that the company's sales will be on the rise. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on HMC.

HMC opened this morning at $33.08. So far today the stock has hit a low of $32.80 and a high of $33.24. As of 12:10, HMC is trading at $33.16 up 0.72 (2.2%). The chart for HMC looks neutral and S&P gives HMC a neutral 3 STARS (out of 5) hold ranking.

Option traders appear to be setting up for a bullish move on CA Technologies (CA). Traders plowed into 4,799 new call option contracts -- 13.87 times the average volume -- on the stock on Thursday. And we know that traders were eager to get into this trade because 98% of the trades came in on the "ask" price.

CA Technologies closed Thursday at $18.13. The stock has dropped 7.64% during the past month, but it is currently sitting at support just above $18.

US Bancorp (USB) closed at $20.95. USB September put option implied volatility is at 32. December is at 39, above its 26-week average of 32, according to Track Data, suggesting larger December price movement.

BB&T (BBT) closed at $22.27. BBT September put option implied volatility is at 33. December is at 39 versus its 26-week average of 34, according to Track Data, suggesting larger December price movement.

Options Update is by Stock Specialist Paul Foster of theflyonthewall.com.

Netflix (NFLX - option chain) shares are rising today after the company launched a free iPhone and iPod application this morning which allows users to stream movies and TV shows on Apple (AAPL) handheld devices. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on NFLX.

NFLX opened this morning at $125.89. So far today the stock has hit a low of $124.38 and a high of $127.00. As of 12:25, NFLX is trading at $126.53 up $2.28 (1.8%). The chart for NFLX looks bullish.