Capital One (COF) puts are seeing action today. In all, more than 47,000 contracts have traded, compared to 4,900 call options. Today’s action included an order of 9,500 June 50 puts at the ask and 19,000 of the June 40s on the bid. The action seems to be part of a bearish spread and a bet that the stock will make a move lower, but not necessarily below $40.00 a share.