Electronic Arts (ERTS) is down 33 cents to $16.11 after Piper Jaffray analyst said November video game sales were dismal. They suggest investors avoid ERTS and lowered its price target to $16.50 from $20. Shares are down and 13K puts traded, or about 4X the typical levels and 7X the number of call options. One player might have legged into a Jan11 12.5 – 15 put spread, planting the first in morning trading with the purchase of 4500 Jan11 15 puts at $2.225 and then the second with the sale of 3500 Jan11 12.5 puts at $1.275 at about 12:20. However, it’s also possible this was two different strategists at work. Meanwile, looks like straight buyers of Jan 17 and Mar 14 puts, with 2149 and 1001 traded, respectively.