Dell earnings after close today (Tuesday 2/15) I believe... http://finance.yahoo.com/news/What-behind-big-put-spread-optmonster-3868221061.html?x=0&.v=1 What's behind big put spread in Dell The options volume in Dell is nearing 100,000 contracts today, driven by a big March put spread. The average daily volume in DELL is 19,000 contracts, and the one position included more than twice that amount today as a trader bought 25,000 March 13 puts for $0.24 and sold the same number of the March 12 puts for $0.08. The volume at both strikes was more than twice the previous open interest. This put spread costs the trader just $0.16, with the sale of the lower strike reducing the total cost by 33 percent. That $0.16 is the maximum risk in this part of the trade. If DELL is below $12 at expiration, the trade will make $0.84. This could be a hedge on long shares, but given that the nature of the trade it seems unlikely. DELL trades at $13.86 this morning, down 1.63 percent on the day. It has been trading in a range between $14.50 and $13 since early November (dark orange lines on chart). Shares were below $12 in late August.