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Nokia’s (NOK - 52-3/16) options pit is frenetic this morning, with the activity skewed to the put side. In the back-month series, put volume at the 50, 52-1/2, and 55 strikes has rung up at 3,457, 2,421, and 1,221 contracts, respectively. The first two are among the busiest options on the AMEX. Much of this activity has transpired between the bid and the ask, making it difficult to determine the investors’ intentions. The July 52-1/2 put is also active with 3,200 contracts in volume. One 1,600-contract block crossed the tape near the ask, implying a purchase. Another 1,600-contract block transacted between the bid and the ask.