Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Flagstar Financial Inc (FLG), where a total volume of 42,062 contracts has been traded thus far today, a contract volume which is representative of approximately 4.2 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 84.5% of FLG's average daily trading volume over the past month, of 5.0 million shares..