Genco Shipping (GNK) puts are busy, as the slide in the share price continues for another day. GNK touched a new -52-week low and is down 42 cents to $11.84 after Wells Fargo downgraded the stock to Market Perform. Shares are now down 22.9 percent since January 6 and took a hit on Tuesday after Deutsche Bank downgraded the stock to Hold from Buy. Meanwhile, today’s options action includes 13,000 puts and 1,000 calls. March $10 puts are the most actives, with some buyers apparently paying 25 cents to open new positions. Feb 9, April 9 and April 10 puts are seeing interest as well. Implied volatility is up about 5 percent to 50. Earnings are expected mid-to-late February.