RIMM – Research in Motion Limited – One options trader purchased a debit put spread in the August contract today perhaps because he is not convinced the Blackberry maker’s shares have yet reached a bottom. RIMM’s shares are currently up 0.40% to $52.44, recovering slightly after last week’s horrendous performance, and bouncing up off an intraday- and new 52-week low of $51.96 this morning. The RIMM-bear is preparing for shares of the underlying stock to suffer further declines ahead of August expiration by purchasing roughly 6,000 in-the-money puts at the August $52.5 strike for an average premium of $3.49 each, and by selling about the same number of puts at the lower August $42.5 strike for an average premium of $0.63 apiece. Net premium paid to establish the pessimistic play amounts to $2.86 per contract. The put spreader makes money if, by expiration, RIMM’s shares fall another 5.33% to reach new lows and breach the average breakeven point to the downside at $49.64. Maximum available profits of $7.14 per contract pad the investor’s wallet if Research in Motion’s shares plunge 18.95% from the current price of $52.44 to trade at or below $42.50 by August expiration.