Wendy's/Arby's Group, Inc. (WEN) saw a large Bullish option combo trade yesterday afternoon with an investor buying 20k Jan '11 5 Calls for $.325 and simultaneously selling 30k Jan '11 4 Puts at $.20.

XL Group PLC (XL), the Dublin, Ireland based property and casualty insurer, is seeing unusual Bullish option activity today following comments from FBR Capital Markets that the company is a top M&A target.

CBS Corp. (CBS) is seeing unusual option activity today with investors buying the Oct. 16 Calls. 6.6k contracts have already traded this morning, with almost all being new positions.

Glass and ceramics producer Corning Inc. (GLW) has seen Bearish option order flow during today's session with one investor opening a Feb. 15 Put ? 19 Call risk reversal 3.6k times.

Renewed takeover chatter inspires bullish activity in U.S. Steel and beyond

A bullish dive into PSS