Today’s tickers: EBAY, HUM, EEM, FXI, C, XLV, GM & LVS EBAY Ebay Inc. – With its shares struggling to regain breakeven territory today and down 2% at $11.89, a large buyer of protective put options has emerged scooping up 20,000 contracts guaranteeing selling rights should the shares slip to $7.50 by January 2010 expiration. The investor paid a 67 cent premium to for 20,000 options potentially covering 2 million shares valued at almost $24 million at its current share price. HUM Humana, Inc. – The health benefits company has become a hot-bed for options activity today, and its shares have jumped 10% to $25.30 in response to news of a potential buy-out situation fresh from the rumor-mill. Although little information is currently available in terms of specifics, it has been reported that it would “take a behemoth of a company to acquire Humana”, as they are currently the second-largest provider of health benefits that is backed by the United States Medicare program. Investors have witnessed major acquisitions lately, such as Pfizer’s buy-out of Wyeth and the more recent Merck/Schering-Plough agreement. Thus, traders wasted no time reacting to the bullish musings surrounding Humana and options volume amassed steadily this afternoon. Calls were traded six times to every put and the frantic activity boosted call premiums and implied volatility higher. Some investors were seen banking gains by selling calls in the March contract at the now in-the-money 25 strike price, where about 5,000 sold for as much as 1.90. Further along, at the March 30 strike price, about 9,300 calls were purchased for an average premium of 60 cents. Shares would need to rally an additional 21% from the current price in order to reach the breakeven point at $30.60 by next Friday. In the April contract bullish investors were seen buying calls at the 30 and 35 strikes. Traders shelled out 1.14 for each of the 2,000 calls purchased at the April 30 and 57 cents for each of the 1,800 coveted at the April 35 strike price. It is likely that until a buyer – and more importantly a buy-out price – is announced traders will continue to trade heavily in HUM and send implied volatility even higher than the current reading at 106% up from 86% this morning. Investors have left much on the table for speculators here since the Obama budget announcement caused selling across the sector meaning that shares have…