PM – Philip Morris International Inc. – Shares of the manufacturer of cigarettes and other tobacco products edged 2.30% lower this morning to $44.07 just after 11:00 am (ET). The decline in the price of the underlying shares inspired some traders to pick up near-term put options. Approximately 1,200 put contracts were purchased at the June $40 strike for an average premium of $0.17 apiece. Investors long the puts amass profits on the position if Philip Morris International’s share price plummets 9.6% from the current value of the stock to breach the average breakeven point to the downside at $39.83 by expiration day. The demand for option contracts on the cigarette maker lifted PM’s overall reading of options implied volatility 7.9% to 28.90%.