The oft-maligned deliverer of cable and internet service had a customer close and roll a set of bullish puts.? The trader who had been short at least 7,500 of the April 14 puts bought them back for .03, and then opened a new short put position in CVC selling the May 14 puts collecting .55.
Based on open interest the customer likely has more puts to roll, do not be surprised to see the size of this trade increase to near 15,000 by the days end.? The trade implied the puts seller is looking to collect premium and would buy CVC below 14 if he or she could.
If one thought the trader was going to roll more puts it might make sense to sell the May 14/13 put spread at .35 to trade with the customer, before market makers drop their bid on this name further.