Put Spread purchased in Noble Corp.

Oil and gas driller Noble Corp.

sees a Bearish Put spread purchased during the first few minutes of this mornings session with an invesor paying $0.95 for the September 29-25 spread 4,000 times. This opening transaction carries a short delta of 23 and would need the share to drop 22% by September expiration to begin to show a profit. Noble Corp. posted favorable earnings on July 19th, pushing the shares up as much as 5.2%. This mornings buyer could very well be a long equity holder looking to purchase some downside protection after the recent run-up in the Co.'s shares.