Research In Motion (RIMM) is down $1.73 to $13.40 and is reeling today after the Blackberry-maker reported disappointing results after the close of trading yesterday. The stock is falling to its lowest levels since 2004 and options volume is running 5X the daily average. 330,000 puts and 187,000 calls traded on the stock so far. The top trades were initiated in morning action after on strategist sold 33,700 January 15 puts on RIM at $2 per contract and bought 41,000 January 13 puts for 88 cents. The massive ratio spread is possibly a roll of in-the-money puts to out-of-the-money puts — probably a bet that the company’s woes continues over the next five weeks. However, implied volatlity in the options on the stock is down 27 percent to 69 now that the earnings event-risk has passed.