RAH – Ralcorp Holdings, Inc. – Shares of the manufacturer of a variety of private label food products edged more than 2.6% lower today to trade at $55.78 by 12:40 pm (ET). Yesterday the St. Louis, MO-based company agreed to purchase American Italian Pasta Co. for approximately $1.2 billion in cash in order to expand its product portfolio. The decline in the price of Ralcorp Holdings’ shares today did not deter some options investors from initiating a near-term bullish stance on the stock. It looks like optimistic traders sold 1,500 puts at the July $55 strike to pocket an average premium of $0.91 per contract. Put sellers keep the full premium received on the transaction as long as RAH’s shares exceed $55.00 through July expiration. Investors short the puts are apparently happy to have shares of the underlying stock put to them at an effective price of $54.09 each in the event that the put contracts land in-the-money at expiration. The overall reading of options implied volatility on Ralcorp Holdings Inc. is soaring 32.1% higher this afternoon to 24.98% as of 12:45 pm (ET).