Tessera Tech (TSRA) is down $1.95 to $21.94 after the ITC ruled that the company’s three patents are valid, but that the company’s expert was insufficient to prove infringement on two of the asserted patents — link to story. Shares are lower and options volume is 9X the average daily, with sellers of Jan 22.5 puts and calls leading the flow. About 5,500 traded (70 percent bid-side) and implied volatility is falling to the mid-40s, down 14 percent, now that the event risk has passed.