The bears are looking for a pullback in Hewlett-Packard after the shares doubled in four months.
optionMONSTER's Depth Charge tracking system detected the purchase of 9,000 June 21 puts at the $0.77 ask price. A block of 4,500 May 24 puts was sold at the same time for $1.49, but volume was below open interest in those.
The trader is very likely rolling a position down to the lower strike and out in time. That doubles the size of their downside bet and takes some money off the table. See our Education Section for more on how options can be used to manage trades.
HPQ rose 0.56 percent to $23.24 in morning trading. If it holds this level, it would be the the highest close since last May as shares came off the high of $25.40 at the start of that month. HPQ fell as low as $11.35 in November and has been climbing since.
Puts outnumber calls in HPQ by more than 4 to 1 so far today, according to Depth Charge.