Beleaguered office supply retailer Office Depot Inc. (ODP) has seen its shares lose almost one-third of their value over the last year and set a new 52 week low of $2.54 last week.

Blue Coat Systems Inc. (BCSI), a leading provider of Web security solutions, is set to report their second quarter results after the bell on Thursday and option activity this morning suggests someone is looking for positive results/forecast from the company

Is Nokia Corp. (NOK) next?

Youku.com Inc. (YOKU), the Chinese internet television company, sees a large Bullish 3-way option strategy positioned this afternoon

Integrated circuit-maker Marvell Technology Group, Ltd. (MRVL) has seen its shares drop as much as 25% during the month of August, closing below the $12.00 price level for the first time in more than 2 years, and option activity this morning suggests investor(s) think the recent slide will come to an end in the very near future.

Oil service company Halliburton (HAL) is seeing early Bullish option activity with an investor purchasing the September 50-55 Call spread on a 1:2 ratio 5,000 by 10,000 times, paying $.36.

Meritor, Inc. (MTOR), a provider of drivetrain and braking solutions for truck manufacturers, is seeing unusual Option activity this morning with the February 10 Calls seeing the most volume.

Masco Corp. (MAS) shares break below the $10.00 level for the first time in more than a year and it looks like at least one option player is looking for this support level to hold.

Research In Motion Limited (RIMM) sees a large 3-way Put spread traded this morning and it looks like it carries a Bearish sentiment.

Interesting Put activity in coal producer Alpha Natural Resources, Inc. (ANR) ahead of the company's Q2 earnings release this Thursday.

Sonus Networks, Inc. (SONS) sees a multi-exchange sweep of 10,000 Aug 3 Calls at $.15 this morning.

Bearish Put buyer(s) in media and entertainment company Cablevision Systems Corp. (CVC) this morning with the August 22 strike option seeing more than 3,800 contracts purchased at $.30.