With Kellogg earnings not so Grrrreat! shares opened at $49.54, a $2 gap down from Wednesday’s close. Early option flow is concentrated in the Aug 50 puts, with 8000 contracts trading in the first 10 mins of the day, and the largest block trading at 1.10 on the ISE with shares near $50.10. Yesterday afternoon we noted buyers paying 50-55cents for this contract (see 7/28 color — Premium), and today’s volume appears to be closing that short term bet for a gain.