Verizon is seeing heavy put activity today, and there are two possible strategies behind the trade.
optionMONSTER’s Depth Charge system detected the sale of 3,000 May 45 puts for the bid price of $0.99 against previous open interest of 7,682. At the same time, the trader bought 3,000 May 40 puts for the ask price of $0.17 in volume that is more than 10 times the previous open interest at that strike, so it is clearly a new position.
This could be a roll, with the trader selling to close the May 45 puts and buying the lower-strike contracts to open a new position.
— Option Monster