Prudential (PRU, news, chart, volatility) is seeing action late Monday. Recent trades include 3,500 PRU January 15 puts traded offerside for $3.33 per contract and 3,500 PRU January 30 calls traded bidside for $1.10. Both traded at 15:48 ET on the ISE. With Prudential down $3.83 to $17.87, the activity looks like part of a collar as a block of 186K shares traded for $18.30 a minute later. If so, the strategist is possibly looking for a hedged way to play the stock for a move higher and paid $20.53, with downside limited by the put (26.9 percent) and the upside capped by the call (46.1 percent).