Motorola (NYSE: MOT) closed at $4.66. On February 3 MOT is scheduled to report earnings, provide a financial outlook and discuss its cash position. MOT preannounced EPS on January 14. MOT February 5 straddle is priced at 79c. February option implied volatility is at 78; March is at 71; above its 26-week average of 67, according to Track Data, suggesting larger price movement.

Hitachi Ltd (NYSE: HIT) closed at $33.95. HIT forecast a record $7.8 billion annual loss and says it may cut as many as 7,000 jobs. HIT March option implied volatility of 56 is above its 26-week average of 52, according to Track Data, suggesting larger price movement.

General Electric (NYSE: GE) closed at $20.35 Tuesday. GE November option implied volatility of 52 is above its 26-week average of 32 according to Track Data, suggesting larger price movement.

Siemens (NYSE: SI) closed at $63.97 Tuesday. SI November option implied volatility of 86 is above its 26-week average of 37 according to Track Data, suggesting larger price movement.

Philips Electronics (NYSE: PHG) closed at $18.71 Tuesday. PHG November option implied volatility of 68 is above its 26-week average of 43.

United Technologies (NYSE: UTX) closed at $50.95 Tuesday. UTX November option implied volatility of 53 is above its 26-week average of 33.

Hitachi Ltd (NYSE: HIT) closed at $51.63 Tuesday. HIT November option implied volatility of 71 is above its 26-week average of 36 according to Track Data.

Honeywell (NYSE: HON) closed at $28.85 Tuesday. HON November option implied volatility of 66 is above its 26-week average of 37.

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