Microsoft (MSFT) shares slipped 45 cents to $24.84 and a noteworthy options trade Tuesday morning was a bearish risk-reversal in the October 20 puts and October 30 calls. To be specific, it looks like an investor bought 6,000 October 20 puts at 64 cents each and paid for part of the premium by selling 6,000 October 30 calls at 37 cents each. This trade might be a hedge or collar if the investor already owns 600,000 MSFT shares. By selling calls, this strategist is making a statement that they are willing seller of MSFT at $30 per share. The puts are bought to hedge the downside risk of owning the stock.