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Cirrus Logic (CRUS – 24-15/16) manufactures specialized microchip technology. Some of the firm's customers include Apple Computer, Sony, and Nokia. The stock has been in decline mode for the past two weeks, losing 30 percent from its January 19 peak. Today, the shares lost nearly six percent without any news to account for the decline.
CRUS options pits saw some unusual activity transpire today. More than 5,000 contracts changed hands on the September 20 put, which was previously home to only six contracts. This was one of the most-active put options on the CBOE today. One block of 2,000 contracts traded just before 11:00 a.m., going off near the bid price. A number of other mid-sized blocks crossed the tape throughout the session. Meanwhile on the call side, 3,565 contracts were transacted on the June 45 call. Open interest at this far-out-of-the-money strike stood at 3,788 prior to today's trading.