AT&T (T) is down $1.37 to $28.25 and the Dow’s biggest loser today after the DOJ moved to block the company’s proposed acquisition of T-Mobile. 69,000 calls and 112,000 puts now traded on Ma Bell. The top trade is a Dec 24 – 27 (2X1) put ratio spread, bought-to-open at 16 cents, 8600X on PHLX. The bearish play doesn’t appear tied to stock and seems to be targeting a move towards $24 (~15%) through the December expiration (107 days). Implied volatility in AT&T options is also moving today, up 32 percent to 27.5.