Bearish Option Activity in NII Holdings

Latin American telecom carrier NII Holdings

is seeing bearish option activity for the second day in a row on Friday with the attention once again focused on the December 7 puts. 20,000 contracts have been purchased at $1.35 today, nearly matching yesterday's volume of 23,000 contracts. No apparent stock tied to these trades so this appears to be be a purely bearish position that will need the stock to drop more than 18% between now and December expiration to show any profits. Implied vol has increased 2.5% to 76 with this morning's activity which has also pushed total contract volume to more than 5 times its daily average.