Cisco (CSCO) is off 8 cents to $19.53 and a noteworthy spread surfaced in morning trading, after one strategist apparently paid $3.47 for the Jan12 15 – 22.5 put spread, 35350X. The spread, which looks opening, was probably tied to 1.52 million shares at $19.62. It has also traded more than once, as volume is both contracts is approaching 40K. CSCO shares fell 16.2 percent on earnings news last Thursday. Today, the company authorized up to $10 billion in additional stock purchases.