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Using PowerOptions tools to search for companies with significant options volume revealed footwear company SKECHERS USA, Inc. (NYSE:SKX), and electronic device accessory company ZAGG INCORPORATED (NASDAQ:ZAGG).

SKECHERS

SKECHERS experienced significant options volume for the 2012 Jun 17 call option as shown below:

There's no recent news related to the company, but the company did settle a lawsuit related to false advertising with respect to its Shape-ups® shoes. After languishing around $13 for several months, SKECHERS' stock price recently spiked up to the $19 range, followed by a retreat over the last month to the vicinity of $16 as shown below:

SKECHERS has plenty of competitors, with Nike (NYSE:NKE) being the 500-pound gorilla of the bunch. I don't really see an options investment for SKECHERS, but the large options volume is worth noting.

ZAGG

ZAGG experienced significant options volume for the 2012 Jul 15 call option as shown below:

ZAGG also had significant options volume for the 2012 Jul 15 put option as shown below:

On the news front, ZAGG appeared on the Nasdaq's threshold securities list related to the SEC's Regulation SHO, which notes stocks for which sellers failed to deliver 10,000 shares or more in the past five trading days and the level of "fails" is a minimum of 0.5 percent of the shares outstanding.

ZAGG has a percent short interest of 32% and a number of days short interest of 14. The percent short interest is a measure of the number of share sold short compared to the number of shares outstanding. Number of days short interest is a measure of pent-up buying power and represents the number of days to cover short positions based upon current volume. Number of days short interest is often used as a measure for the possibility of a short squeeze.

ZAGG's stock price is well below its 52-week high near $17 that it hit in August of 2011 and has recovered from its drop to almost $6 in December of 2011 as shown below:

The competitors for ZAGG include Apple (NASDAQ:AAPL), Forward Industries (NASDAQ:FORD) and Motorola Mobility. ZAGG has been accused of some accounting laxness or irregularities, but the situation may not be as bad as some think, and the company has taken steps to fix the situation by hiring more qualified accountants.

ZAGG's Price-to-Sales (P/S) ratio is fairly low at 1.9, so if there are accounting issues, they probably aren't too bad. Companies often outgrow their initial or start-up employee's capabilities, so it's not a surprise the company has had to upgrade its accounting department.

To reiterate, I don't really see an options investment for ZAGG, but the large options volume is worth noting, and with the large short interest and low P/S ratio, the outlook for the company looks more bullish than bearish.

Source: 2 Stocks With Unusual Options Volume