Gap Stores (GPS) loses 53 cents to $18.72 after posting better-than-expected earnings, but missing on revenues. The top options trade on the retailer today is a Dec 15 – 18 put spread, for 54 cents, 657X on ISE. Data indicate an opening buyer, 1241X total on ISE this morning. Dec 18 puts on GPS have now traded 3548 contracts. Some of the activity might be rolling out of Nov 19s, which have traded 1835X. Implied volatility is down 22.5 percent to 39 now that the earnings event risk has passed. Focus in the retail world next shifts to holiday sales heading into next week’s Black Friday.