Dendreon (DNDN) loses 56 cents to $7.79 and one strategist initiates a three-weay spread on the biotech. 4,560 Jan 9 puts were bought on the stock for $1.94 and the Jan 7 – 10 strangle sold at $1.35, 6900X. In other words, they apparently sold Jan 10 calls to buy the 3X2 Jan 7.5 – 9 put ratio spread. The positoin looks opening and was tied to 220.4K shares at $7.75.