Tim Hortons (THI, news, chart, volatility) is seeing 42 times average daily options volume, with 6,200 puts and 150 calls trading on the day. Shares of the company, which is engaged in the development and frachising of quick service restaurants, are down 39 cents to $24.84. The November 25 and 22.5 puts are the most actives after 3,000 of the 25s traded on the offer for $1.40 and 3,000 of the 22.5s on the bid for 35 cents. The activity looks like bearish spread trading, where the strategist paid $1.05 for a potential $1.45 payoff if THI falls to $22.5 or less over the next two weeks. The company is due to report earnings tomorrow morning before the market.