Sprint is one of only a five losing stocks in the SP500 and option volume is triple normal pace with nearly 100K contracts trading and calls leading puts nearly 4:1. May 3.5 calls lead the most actives, with 10K trading and a vwap of 27.8cents. ISE data confirms this flow is opening customer seller intiated and with shares near 2.21 and an S&P ratings watch, it may reflect a view that Sprint will have a tough time regaining $6 highs seen this past summer.