Penn Nationa Gaming (PENN) are down 4.7% to $26.90 and option volume is running 3x daily average. Largest trade comes in the July $25 put which saw 1,200 contracts trade at the bid. Prior open interest was 3,350 so sufficient to cover. But worth noting that on Friday afternoon someone exercised about 1,500 of the July $35 puts, the early assignment reduced OI in the $35s to just 82 contracts. That exercise and today’s selling in the $25s might have been a way for someone to roll down a sell-write as the b/a ITM options tend to be wider than simply taking a haircut on intrinsic value.