Altera (ALTR, news, chart) is trading down 83 cents to $21.54 after the semiconductor equipment maker said after the close of trading yesterday that it expects third quarter sales to be flat to 3 percent lower compared to the second quarter. In the options market, volume in Altera is running double the usual, with 12,000 puts and 3,400 calls trading on the day. The Sepember 22.5 and 25 puts are the most actives, with 8,000 contracts traded. Some players seem to be selling to close puts on today’s news. For example, blocks (750, 750, 1700, 1700) traded at or below bid on the CBOE at 10:45 Eastern time. On August 12, these contracts were also active, when 4,000 of each traded for $1.72 (the 25s) and 52 cents (the 22.5s). Now, some players might be taking some money off the table following the 9.6 percent decline in ALTR share since that time. The 25s traded for $3.20 a contract and the 22.4s for $1.05.