DISCA – Discovery Communications, Inc. – The global media and entertainment company popped onto our ‘most active by options volume’ market scanner in morning trading after one investor appears to have closed out a substantial long put position in the July contract. Perhaps the 1.80% increase in the price of DISCA’s shares to $37.75 today inspired the trader to close out the large bearish stance. It looks like the investor originally purchased at least 21,000 puts at the July $35 strike for an average premium of $1.25 apiece back on April 23, 2010, when shares of the stock were trading at a volume-weighted average price of $37.01. Today it seems the options player sold 21,000 puts at the July $35 strike for an approximate premium of $1.07 apiece. We do not at this time know whether the original put transaction was tied to stock. But, the closing out of the put position does hint at a bullish change-of-heart for the responsible party. In isolation, the net loss incurred on the sale of the puts roughly amounts to $0.18 per contract.