Stock Options Signaling Big Pressure on Goodyear ?

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Goodyear Tire & Rubber Co. (NYSE: GT) is up on a normal trading day and everything looks fine on the surface.  But… A 1.45% gain to $11.19 on 4.4 million shares past the mid-point of the day does not seem at all out of the ordinary until you look at the stock options trade history of the current trading day.

What stands out so oddly is that there have been a whopping 23,000 put option contracts traded in the $11.00 strike prices which expire in September (9/21 to be exact).  This is representative of 2.3 million shares of common stock on a fully leveraged basis and the last trade was around $0.63 per contract. Even if you go out to the January 2013 and the January 2014 put and call contracts you do not see volume of this sort.

On Twitter’s stock search we see that @OptionsRunners said someone is shorting it with expectations of a 25%-ish drop.

We have searched around for other comments and it seems uncovered so far.