Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in International Paper Co (IP), where a total volume of 26,853 contracts has been traded thus far today, a contract volume which is representative of approximately 2.7 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 53.8% of IP's average daily trading volume over the past month, of 5.0 million shares..