Humana (HUM) is trading down $1.44 to $29.15 on news the company was not awarded an important contract from the Tricare program for the South Region. Shares are down and trading is active in July 27 and 30 puts. Looks like some investors might be buying-to-open new positions in the 27s, with 4550 traded, 99 percent hitting ask-side, and open interest of 552. The options are obviously cheap, as they are 7.4 percent out-of-the-money with less than four trading days of life remaining. Implied volatility is up modestly, to 55, from about 54 late yesterday.