Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Cisco Systems Inc (CSCO), where a total volume of 147,262 contracts has been traded thus far today, a contract volume which is representative of approximately 14.7 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 85.2% of CSCO's average daily trading volume over the past month, of 17.3 million shares..