"Arena Pharmaceuticals stock holders aren’t the only ones jumping for joy today — option traders are too.
Option trading in the drug maker reached unprecedented levels, surpassing the previous record by more than 35%. With more than 332,000 contracts traded, Arena was able to unseat Apple as the top traded equity option — one of the first companies to do so in at least three months, accord to Henry Schwartz, president of option data firm TradeAlert.
Apple has been leading in options trading since the stock first approached $600 in March. At that point, Apple options had various days in which more than one million contracts traded per day."