Diamond Foods (DMND) loses 49 cents to $37.31 and it appears that one or more investors has been building a position in Feb 30 – 35 put spreads on the snack food company today. The top trade is 3,021 Feb 30 – 35 put spreads for $1.65 on NYSE-Arca and apparently an opening trade. The spread has traded several more times on ISE, where data indicate a buyer is indeed opening a position. More than 6000 traded so far. Separately, it looks like Feb 45 – 50 call spreads are being bought on DMND for about 60 cents, 1000X. Players are taking positions in short-term options on DMND, possibly a play on earnings. However, while some sources have Feb 9 as an earnings release date, that has not yet been confirmed and it is more likely that results will be reported next week or possibly after the Feb expiration. The heightened activity might instead be related to a federal probe into the company’s accounting of how much it paid walnut producers. The company expects conclusion to the investigation some time in mid-Feb.