We have seen several days of volume spikes in XNPT over the past two weeks as volatility in the stock has increased (including a $10 swing between 2/21 and today). Volume today looks bullish, with put sellers dominating the flow, focused on June 45 puts, where more than 2100 have traded by noon, 94% of the activity taking place on the bid, and implied vol collapsing by nearly 10points at the money.