GCI – Gannet Co., Inc. – The international news and information company popped up on our ‘hot by options volume’ market scanner this morning after one pessimistic options player purchased a plain-vanilla debit put spread in the August contract. The USA Today publisher’s shares are currently down 2.7% to stand at $15.90 as of 11:35 am (ET). The bearish spread involved the purchase of 1,250 now in-the-money puts at the August $16 strike for a premium of $1.20 each, marked against the sale of the same number of puts at the lower August $14 strike for a premium of $0.50 apiece. The net cost of the transaction amounts to $0.70 per contract. Thus, the investor responsible for the put play is prepared to make money as long as Gannet’s shares slip beneath the effective breakeven price of $15.30 ahead of expiration day. The trader walks away with maximum potential profits of $1.30 per contract if shares of the underlying stock plunge 11.95% from the current price to breach the $14.00-level by August expiration.