CASY – Casey’s General Stores, Inc. – Shares of the operator of convenience stores located in nine Midwestern states slipped slightly by 0.25% in the first half of the trading session to stand at $35.75 by 12:00 pm (ET). Casey’s General Stores’ shares are perhaps lower today after the firm reiterated its recommendation that shareholders not tender their shares into Alimentation Couche-Tard Inc.’s $36.00 per share extended offer. One options investor expecting Casey’s shares to continue to decline ahead of August expiration purchased a plain-vanilla debit put spread on the stock. The trader picked up 3,419 puts at the November $35 strike for a premium of $1.90 each, and sold the same number of puts at the lower November $30 strike for a premium of $0.60 apiece. Net premium paid to purchase the spread amounts to $1.30 per contract. Thus, the bearish strategist is prepared to make money as long as CASY’s shares fall 5.7% from the current price of $35.75 to breach the effective breakeven point on the spread at $33.70. The investor walks away with maximum potential profits of $3.70 per contract should shares of the underlying stock plunge 16.1% from the current price to trade below $30.00 by August expiration day. The overall reading of options implied volatility on the stock dropped 10.1% during the session to stand at 19.43% as of 12:10 pm (ET).