He might only be up $ 1.00 per share now, but if FFIV gaps down even further tomorrow morning, then the value of his "in the money" put increases substantially. That would certainly change his risk/reward ratio dramatically (in his favor).
Thinking of buying back my shares tonight!! But I will probably wait for August. Longs shouldn't worry longer term. This is a fantastic company and their products are in the hottest areas. If the market is up in September, FFIV will soar. Good luck, everybody.