Sprint Nextel (S) loses 2 cents to $2.15 and options volume on the phone company is running 4.5X the daily average, with 52,000 puts and 17,000 calls traded on the stock so far. The top trade is 23,111 Aug 2 puts bought on Sprint for 32 cents per contract to open. 38,666 now traded against 2,220 in open interest. Bearish trading is possibly a play on earnings. The company is due to report on Feb 8 and has experienced average daily post-earnings moves of 8.8 percent over the past four quarters — including a 15.9 percent slide on 7/28.