Starbuck’s (SBUX) is up $1.32 to $39.08 and put options are brewing on the stock today. 18,000 contracts so far. Typical volume is 5,930 and 7,000 calls traded in the name. The top trade is a part of a spread, in which the strategist sold 3,600 Oct 34 puts at 67 cents and bought 1,800 January 38 puts at $3.05, creating an Oct 34 – Jan 38 (2X1) put ratio spread for a $1.71 net debit. It might be a roll out to January from October and/or it’s a bet that shares will fall through January 2012, but not drop to less than $34 through October.