Put volume in Bare Escentuals spiked Thursday to 16x recent average levels, led by Feb 12.5 Puts trading for 60cents as shares traded near $13.00. A total of 2735 contracts traded and nearly all were opening. Today’s news of a cash deal with Shiseido has shares up 42% near $18.13, and these puts will likely open near zero. Clearing data confirms one side of the trade was customer and traded IV declined from 53% to 47% over the course of the day, indicating the (well informed or very lucky) seller was driving the volume.