DELL – Dell Inc. – The manufacturer of personal computers popped up on our ‘most active by options volume’ market scanner during morning trading after one bearish investor took action in the January 2012 contract. Dell’s shares are up 0.70% at $13.02 as of 12:45 pm (ET). It looks like the trader is taking profits off the table by selling-to-close a previously established long put position, and initiating a new bearish stance on the stock by purchasing a fresh batch of put contracts at a lower strike price. The investor appears to have originally purchased 5,000 puts at the January 2012 $12.5 strike for an average premium of $1.83 apiece back on January 13, 2010, when shares of the underlying stock were trading at a volume-weighted average price of $15.00. The subsequent erosion in the price of Dell’s shares inflated premium on the January 2012 $12.5 strike puts allowing the trader to sell all 5,000 lots today for an average premium of $2.325 each. Average net profits pocketed on the sale amount to $0.495 per contract. Next, the investor enacted a more bearish position on DELL by picking up 5,000 puts at the lower January 2012 $10 strike for an average premium of $1.36 a-pop. Profits start to amass on the new put stance if shares of the underlying stock plunge 33.6% from the current price of $13.02 to breach the average breakeven point on the puts at $8.64 by expiration day in January 2012.