Clear Channel Comm (NYSE: CCU) -- options priced as if shareholders will approve $37.60 buyout. CCU struck a deal to sell itself for $37.60 to Thomas H. Lee Partners and Bain Capital LLC in November of 2006. Two-thirds of CCU shareholders are needed to vote for the deal on 4/19 for the sale to be completed. CCU options are active today. CCU April 35 calls are priced as if CCU will be trading at $36.40 by 4/20. May, July and October are priced as if two-thirds of CCU's shareholders will approve the $37.60 sale.

Comcast (NASDAQ: CMSCK) -- option implied volatility suggests non-directional Risk into Rally. CMCSK is recently up $1.03 to $27.29. Bloomberg ran a story with a headline of "Comcast Chief Roberts says his business is 'On Fire'." CMCSK overall option implied volatility of 24 is near its 26-week average of 23 according to Track Data, suggesting non-directional risk.

Option volume leaders today are: Dendreon Corp. (NASDAQ: DNDN), Alcoa Inc. (NYSE: AA), General Electric (NYSE: GE) and Neurochem Inc. (NASDAQ: NRMX).

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