Pfizer (PFE, news, chart, volatility) shares were little changed on Monday, closing up 5cents to 17.76 in moderate trading of 70million shares and a price range of 17.57 to 18.01. Put activity was nearly twice normal, with a large block of 10,000 long-dated Jan 2010 15 strike puts bought for $2.42 to create new open interest. Given the 52w range of 14.31 to 24.50, this long-dated hedge suggests a protective put strategy to hedge a long-term stock position. If so, the buyer appears willing to spend nearly 13.6% of the value of the shares to maintain full upside exposure, with downside limited to the $12.58 level, or 29% below the close. PFE shares are trading at $18 today, with early flow involving downside put sellers and 20 strike call buyers in Jan 09.