NetApp (NTAP, news, chart, volatility) puts are actively traded after RBC cut the chipmaker to Sector Perform and lowered their price target from $21 to $17. Estimates were also lowered on degradation of global IT spending environment. Shares are holding steady at $14.50, but Jan 15 puts are actively traded with 98 percent of today’s 4,065 contracts traded at or near the offer. Implied volatility is up 5 points to almost 70.