Calls and puts were evenly distributed on Tuesday, but the options volume was twice the average daily options volume. The options market is implying a 3% move in either direction until the Friday expiry and an 11% move until the December expiry. The stock moves around 4% on earnings.
During the session, Eison noticed a sale of 1,000 contracts of the December $300 puts for $7.80. The trade breaks even at $292.20 or almost 12% below the current stock price.