RIM is down $1.30 to $15.70 and forfeiting some of the 35 percent gain since the 52-week low one month ago. The Blackberry maker came under fire this morning on the unexpected departure of two co-CEOs and after RIM said it was focusing on its product line rather selling off part of the company. Options on the stock are actively traded, but sentiment seems mixed. 77,000 calls and 94,000 puts. May 16 put buyers surfaced early to drive some of the morning flow. 22,650 now traded. A Mar 13 – 19 bearish risk-reversal was apparently sold on the stock at 18 cents, 2000X. However, the top trade is an Apr – May 16 call spread, apparently bought for 20 cents, 10000X. This timespread looks opening and a bet that shares will hold around $16 through the April expiration, in 88 days. Meanwhile, implied volatility in RIM options has ticked 4.5 percent higher to 67, but a far cry from the extremes above 85 seen in the Fall.