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• Call buyers aim to climb with Rock-Tenn

• PBI 86% Rate It

The bears want to put their stamp on Pitney Bowes.

optionMONSTER's Depth Charge monitoring system detected the purchase of about 5,000 August 14 puts for $0.85. Roughly the same number of July 16 puts were sold at the same time for $1.85, but volume was below open interest in the strike.

It appears that the investor had previously owned the July contracts, looking for the maker of postage equipment to decline. Now that the drop has occurred, he or she has rolled the position forward in time to the lower strike.

The trader collected a credit of $1 in the process and remain exposed to downside in the name. The position reflects a belief that the stock, already down 38 percent in the last year, will continue its slide. (See our Education section)

PBI fell 1.52 percent to $14.25 yesterday. Although the company's earnings have beat expectations, revenue has missed estimates for the last four quarters as paper mail continues to grow less common. The stock is heavily shorted and has seen repeated put buying as the bears pile on board.

Overall option volume was 5 times greater than average in the session, according to the Depth Charge.

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