Shares of Pandora Media (P) are trading lower on the session by 1.59%, at $8.07. The stock has ticking lower over the past three weeks, culminating is a huge push lower on word that Apple (AAPL) might be starting their own music service.
One trader is betting that shares will continue to gyrate over the next few months. A short while ago the December $9.00 put was sold 15,000 times, on or near the bid, for $1.60. This trade coincided with 846,000 shares traded at $8.27.
Given the delta of the Dec $9.00 strike, -0.58, this is likely a delta neutral position. 30-day implied volatility is off 5.9% today to 76.42%, but 10-day realized vol has skyrocketed up to 93.72%.
Pandora Media, Inc., is an Internet radio in the United States. As of January 31, 2012, it had over 125 million registered users.?