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Puts are flying across the tape today on Arena Pharmaceuticals (ARNA), with volume surging to 43 times the expected level within the first hour of the session. Roughly 11,000 puts changed hands by 10:40 a.m., and most of the activity was focused on ARNA's front-month strikes.The equity's July 3 put was most active, with more than 9,000 contracts trading. Several large blocks changed hands at the ask price, implying they were most likely purchased, and implied volatility rose 18.6 percentage points as a result of the increased activity. With more than 45,000 contracts in residence at the July 3 put, it's unclear how much of this volume will translate to new open interest tomorrow; however, buyers seem to be responsible for the bulk of the activity.
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