Paychex (PAYX) is seeing bearish order flow. The stock is up 10 cents to $28.17 and volume in the options market is running double the usual. 5,100 puts and 127 calls have traded today. The top two trades: 1,229 December 27.5 puts traded offerside for $1.88 and 1,229 December 22.5 puts traded bidside for 48 cents. The trade was repeated several times until 2,500 contracts of each have traded, exceeding existing open interest. In this case, it appears to be part of bearish spread trading, where the strategist paid a $1.40 debit for a potential $3.60 payoff if PAYX falls to $22.5 or less by December options expiration (49 days).