OCR – Omnicare, Inc. – Shares of the geriatric pharmaceutical services company fell as much as 10.10% at the start of the trading session to touch down at an intraday low of $22.14, but managed to claw their way back up, and currently stand just 1.35% lower on the day at $24.30 as of 1:10 pm ET. Omnicare’s shares dropped sharply on news its president and CEO, Joel F. Gemunder, retired. The CEO’s exit music coupled with increased demand for options on Omnicare inspired a more than 29.1% increase in the overall reading of options implied volatility on the stock to 48.64% this afternoon. The initial plunge in the price of the underlying shares fueled demand for near-term bearish put options. Traders scooped up 1,700 puts at the August $22.5 strike for an average premium of $0.84 each. Meanwhile, it looks like one trader rolled a previously established long put stance on the stock down to a lower strike price, selling 1,000 in-the-money puts at the August $25 strike for an average premium of $2.05 each, in order to buy the same number of contracts at the lower August $20 strike at an average premium of $0.33 a-pop. Options investors exchanged more than 14,600 contracts on Omnicare by 1:15 pm ET, which exceeds overall previously existing open interest on the stock of 13,347 lots.