Terex put volume is running 7x normal pace today, with shares of the machinery company down nearly 8% to $15.48 in active trading. Jan 15 Puts dominate the flow, with more than 7000 trading by noon and and a block of 6700 sold for 45cents tied to shares at 15.70 on the NYSE. Contract open interest of 15901 makes this the largest position the name, with many bought for 1.40-1.50 when shares were near $17 in Dec, suggesting a closing seller taking gains on the drop.