The company averages 2,800 option contracts traded a day - in 3 hours over 5,700 option contracts have traded today. Of those, ~5,400 were puts (94% of total contracts). The largest trades of the day are Apr 10 Puts purchases for 0.30 (over 5,200 contracts purchased). These are opening orders - see the tiny OI. These trades were not done with stock. You can see the nose dive in the stock over the last month Dipping stock, opening baby put purchases in April with no stock hedge. Hmm... Details including trades, charts, options and prices are on my blog: http://livevol.blogspot.com/2009/12/supervalu-svu-put-buyer-with-stock-drop.html