ABT has underperformed the S&P by 80 percent over the last 2 years. IMO it is a nice value play here. It is also nice to start off with an extra 1.67 Billion!! I think the stock would have reacted more on an up day/week. But lets give her some time.
I agree that ABT is very undervalued. Just make sure to take into consideration the dividend when purchasing Calls.
With the Jan 2012 Calls, you'll miss at least three dividends - or $1.44.
Taking the $50 Calls as an example, they'll cost you $1.50. ABT is currently trading at $46.47. When you discount the $1.44 you'll lose in dividends, you get $45.03. Therefore, ABT needs to rise by about 11% before this trade becomes profitable.
I think a better trade is to sell Naked Puts until assigned, then sell Covered Calls quarterly to add to that 4% dividend.