Put Roll in International Game Technology

International Game Technology's

dissapointing Q3 earnings release yesterday has pushed the shares to a new 52 week low of $12.27 and option volume has heated up with a ratio put spread being executed. It looks like an investor sold 15k October 15 puts at $2.80 and purchased 10k January '13 12.5 puts at $1.40 to open. One has to hope the original put sale was a hedge against a short equity position otherwise a pretty big loss was incured. This morning's spread has pushed IGT's total contract volume to more than 14 times its daily average.