Put volume is picking up in PMC Sierra (PMCS). Shares are down a nickel to $7.49 and the focus is on July and Aug 7.5 puts. A combined 6,800 traded so far. Volume exceeds existing open interest and, while some of the volume is hitting ask-side, ISEE sentiment data is more consistent with premium selling. In August, for example, it looks like a put seller collecting 70 cents to open. Implied volatility is down to 48, from about 52 yesterday. No news on the stock today. Earnings expected mid-July.