SBA Communications (SBAC, news, chart, volatility) saw an uptick in options activity Monday. Total volume ran 23 times the usual, with 20,000 puts and just 190 calls traded. Most of the action was in December contracts. In late-day trading, 9,000 of the December 20 puts traded offerside for $1.30 a contract and 9,000 of the December 15s traded bidside for 15 cents. Both traded on the PHLX with shares down to a new 52-week low of $23.25.

The activity appears to be the opening of a substantial put spread (open interest in both contracts now exceeds 9,000 contracts). If so, the strategist paid a $1.15 debit (per spread) and has the potential of making $3.85 if shares of the Boca Raton, Florida wireless communications company fall to $15 or less by December options expiration (80 days).