Notable Friday Option Activity: FCX, MU, DELL

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Freeport-McMoran Copper & Gold (FCX), where a total volume of 99,381 contracts has been traded thus far today, a contract volume which is representative of approximately 9.9 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 67% of FCX's average daily trading volume over the past month, of 14.8 million shares..