It appears that a strategist made a substantial bet against First Solar (FSLR) this morning. The stock is down $2.23 to $103.51 and April options are seeing some activity. At 10:35 ET, one strategist apparently bought the 105/85 1X2 put ratio spread and sold April 130 calls, 1000X. With volume exceeding open interest, this looks like a new position. If so, it is a very bearish one that requires extra margin due to the short calls and extra short puts. The max payoff is at the lower strike, or if FSLR falls another 17.9 percent to $85 by the April options expiration.