Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Ulta Beauty Inc (ULTA), where a total volume of 25,285 contracts has been traded thus far today, a contract volume which is representative of approximately 2.5 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 227.2% of ULTA's average daily trading volume over the past month, of 1.1 million shares..