Paper bought 25,000 CBP 60 puts for 1.85 & sold 50,000 May 55 puts at .65 against it.
Campbell?s Soup Company, trading 62.43 (up .38) with an IV30 of 24.57 and an HV10 of 20.22, saw a large put 1 by 2 trade.? The stock with ADV of 1300 and OI of 35,000 saw a trader buy 25,000 of the 60puts paying 1.85 and against sold 50,000 of the May 55 puts at .65, for a net debit of .55 cents.
This trade appears to be a hedge trade where the trader wants protection from the stock dropping below 60 but does not appear to the think the stock will be able to fall Belo 55 dollars a share between now and May expiration.
This trade should be consider mildly bearish CPB and bearish volatility in the name