Adobe (ADBE, news, chart) saw active trading Monday. There was no news on the stock, but options volume rose to four times the usual. The stock has been outperforming of late, up 11.1 percent during the past week. Shares rose 74 cents to $45.89 Monday. However, in the options market, sentiment is clearly less bullish; as shortly after 14:00 Eastern time, a player seems to have opened a substantial bear put spread on ADBE. At that time, an order for 3,100 ADBE September 45 puts traded offerside for $1.85 a contract on the AMEX. Two orders of 1,550 contracts traded at or near the bid (95 cents and $1.00). Taken together, it seems that the activity was part of a sizeable 45/42.5 put spread, where the strategist paid 87.5 cents (per spread), 3,100 times. If so, the maximium payoff is $1.625 if shares of Adobe fall to $32.5 or less by September options expiration.