Nokia (NOK) shares are down 93 cents to $8.89 after the Finnish phone maker pre-announced disappointing second quarter earnings results. NOK is under pressure and 31.1K July 9 puts trade. 90 percent traded on the bid and the action includes a block of more than 10K at 50 cents each. The trade likely liquidates positions opened Friday (see 6/11 color), when NOK July 9 puts were being bought-to-open at between 31 and 34 cents. 40.4K traded total.

Note that the June 11 color on Nokia is a great example of very heavy accumulation in a name on no news. The bias was clearly bearish, as these investors were buying-to-open new positions. This is the type of activity when there is a leak or some savvy investors recognize that a company might have news that will move the stock. That’s one reason we track the order flow. Here is another interesting article about the value of following options activity.