ELON, a company that provides monitoring products and systems that can save energy and lower costs, was recently up $2.82 to $29.11. ELON was a $20 stock on 8/1. On 8/8 Nollenberger Capital downgraded ELON to Neutral from Buy based on valuation. ELON September call option implied volatility was at 83; puts are at 93, above its 26-week average of 51 according to Track Data, suggesting larger risk. Puts are bid higher than calls because ELON is difficult to borrow short.

Baker Hughes Incorporated (NYSE: BHI) put volume and volatility elevated:

BHI is engaged in the oilfield service sector. BHI was recently up 70 cents to $80.11. BHI has a market cap of $25.6 billion with long term debt of $1 billion. BHI call option volume of 3,488 contracts compares to put volume of 11,120 contracts. BHI August 80 straddle is at $6. BHI September option implied volatility of 43 is above its 26-week average of 29 according to Track Data, suggesting larger risk

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

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

Mirant Corp. (NYSE:MIR) implied volatility Elevated at 32 as MIR trades near Record levels.

MIR is expected to report full EPS & hold a conference call on 3/5. MIR has been frequently mentioned as a potential candidate for announcing a recapitalization or a share repurchase. MIR call option volume of 1,044 contracts compares to put volume of 3,001 contracts. MIR overall option implied volatility of 32 is above its 26-week average of 26 according to Track Data, suggesting larger price risks.

New Century Financial Corp (NYSE:NEW) low cost deep OTM April & May 5 put spread trades as Hedge.

NEW, a real estate investment trust, providing mortgage products to borrowers nationwide, is recently down 37c to $15.47. NEW deep out of the money April 5 puts traded 4,715 contracts near the bid at .12 & .13 cents above its theoretical value of .01 cent. NEW deep out of the money May 5 puts traded 5,568 contracts on the offer of .40 cents above theoretical value of .04 cents according to Track Data, suggesting spreaders paying up to hedge risk.