PG – The Procter & Gamble Company – Investors are selling near-term call and put options on the maker of branded consumer products today, suggesting perhaps that they expect lower volatility in the price of its shares through August expiration. PG’s shares surrendered 4.00% of their value on Tuesday after portions of its second-quarter earnings report disappointed analysts and investors alike. The stock recovered slightly during the current session, rebounding as much as 1.70% off yesterday’s low of $59.55 to reach today’s high point of $60.57. One trader appears to be selling a 5,000 lot August $60/$57.5 strangle at an average premium of $1.15 per contract. The investor keeps the full premium received on the transaction as long as PG’s shares trade within the boundaries of the strike prices described through expiration day. Other options traders populating the August contract sold some 2,100 calls at the August $62.5 strike for an average premium of $0.11 each, and shed 2,700 puts at the lower August $60 strike for an average premium of $0.77 apiece. The sale of options at these strikes points to investors’ expectations PG’s shares are not likely to rally above $62.50 or fall beneath $60.00 ahead of expiration this month. Options implied volatility fell 6.00% to 16.52% by 1:05 pm ET.