When Buffalo Wild Wings (NASDAQ: BWLD) reported a sharp drop in earnings for the third quarter last November, the stock plummeted to a 52-week low of $14.50 during the succeeding two months.

At the time, I suggested that the fundamentals at the company were so strong that the analysts downplaying the stock and the investors driving the price down were mistaken.

BWLD recovered in early December and held on to those gains for the first part of 2009. With the release of the fourth-quarter earnings report yesterday, the stock has added another 30%-plus to its price.

Buffalo Wild Wings-(NYSE: BWLD) August volatility Elevated at 98 into 7/31 EPS. The company owns, operates and franchises 445 restaurants featuring chicken wings. BWLD is recently up .28 to $39.54. It will report EPS after the close on July 31st. BWLD August option implied volatility of 98 is above its 26-week average of 42 according to Track Data, suggesting larger risk.

Indymac Bancorp-(NYSE: IMB) August volatility Elevated at 110 into 7/31 EPS. Indymac, the 7th largest savings and loan and the 9th largest mortgage originator in the nation, will report EPS on July 31. Shares are recently down .48 to $22.61 on subprime mortgage concerns. IMB call option volume of 4,261 contracts compares to put volume of 13,489 contracts. IMB August option implied volatility of 110 is above its 26-week average of 44 according to Track Data, suggesting larger risk.

Disney-(NYSE: DIS) August volatilities up as expected into 8/1 EPS. Disney is expected to report EPS of .55 cents after the close on 8/1 according to Thomson First Call. CIBC has a $40 price target on DIS. DIS August option implied volatility of 27 is above its 26-week average of 21 according to Track Data, suggesting larger price fluctuations.

Time Warner-(NYSE: TWX) August volatility Elevated at 31 into EPS & Outlook. TWX is expected to report EPS of .21 cents on 8/1. TWX August option implied volatility of 31 is above its 26-week average of 21 according to Track Data, suggesting larger price fluctuations.

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

Buffalo Wild Wings-(NASDAQ: BWLD) volatility decreases as BWLD rallies 14% on upside EPS. BWLD, owns, operates and franchises 439 restaurants featuring chicken wings. BWLD is recently up $9.09 to $73.93. SMH Capital reiterated its Buy rating and raised its 12-month price target to $84. SMH Capital says "The robust cash balance of over $8 a share and strong franchise partners should fuel that unit development at an annual clip of 15%- 17%." BWLD call option volume of 4,230 contracts compares to put volume of 3,057 contracts. BWLD over all option implied volatility of 38 is below its 17-week average of 41 according to Track Data, suggesting decreasing risk.

Chipotle Mexican Grill, Inc.-(NASDAQ: CMG) option implied volatility decreases as CMG rallies 18% on upside EPS. CMG, an operator of over 500 companies owned and eight franchise fast-casual Mexican restaurants, reported 1st quarter revenues increased 26.2% to $236 million. CMG is recently up $11.81 to $78.07. CIBC says "CMG delivers big Upside despite tougher comparisons...Foiling shorts." CMG June call option implied volatility is priced at 25, puts are at 33; near its 26-week average of 27, but below yesterday exaggerated level of 38-44 according to Track Data, suggesting decreasing risks. CMG puts are more expensive than calls because CMG is difficult to borrow.

Option volume leaders today are: MasterCard (NYSE: MA), Cisco Systems (NASDAQ: CSCO), Intel Corp. (NASDAQ: INTC) and Newmont Mining Corp. (NYSE: NEM).

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