S has seen over 31,000 puts trade on the day, w/ the biggest trade being 10,000 Jun2017 4 puts for .48.
Sprint Corp., trading 5.86 (down .26) with an IV30 of 56% and an HV10 of 137% is seeing lots of puts traded today.? The stock, with an ADV of 6800 and an OI of 476,000 contracts, has seen over 31,000 puts trade.? The biggest trade purchases of the Jun 2016 4 put for .48 10,000 times, 7,500 of the 4.5 puts for .64, along with purchases of over 10,000 of the Sep 6 puts for .42 with the September trade being tied to stock, while the Junes appear to be outright.
This type of action appears to be somewhat skeptical of the rally the market has seen in S over the last few days and sets up hedges out almost a year if S starts to drop below 5.00 a share again.? The September trade sets up more like a straddle with a small bias toward a drop.? The trade does well as long as the underlying moves away from 6.
These trades are aggressively long volatility and learn bearish.