Activision Blizzard draws puts at lows

Shares of Activision Blizzard hit a new 52-week low today, and one trader believes that more downside is possible for the struggling videogame maker.

More than 23,000 ATVI options trade, compared to a daily average of 3,200. Only 2,000 of the day’s action is in the calls, and a single print of 14,000 January 10 puts make up most of the action.

The puts traded for $0.25, the listed ask price at the time, indicating that they were bought. The previous open interest in the strike was 2,633 contracts, so this is a new position.

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