A huge put trade is targeting Verso Paper as volatility returns to the stock.
More than 13,000 August 2.50 puts have been purchased for $0.35 to $0.55 today, according to optionMONSTER’s Depth Charge system. This is new positioning, as there was no open interest in the strike at the beginning of the session.
The puts aren’t tied to any trading in the underlying stock identified by our scanners today, so they could be making outright bearish bets. Alternatively, the contracts could have been purchased to hedge existing long positions.
— Option Monster