Leap Wireless (LEAP) is falling to new 52-week lows today and is down $2.95 to $7.09 after the company reported a quarterly loss of 85 cents per share, which was 35 cents worse than expected. A noteworthy options trade in LEAP today is a buyer of 10,000 Jan13 7.5 puts at $2.25 per contract. The purchase was tied to 330K shares at $7.93. 13,145 now traded against 12 contracts of open interst. The market for the Jan13 7.5 put on LEAP, which is 5.5 percent ITM, is now $2.36 to $2.76.