By Jon "DRJ" Najarian, co-founder of OptionMonster.

Options activity is extremely bearish in General Electric ( GE) a day after CEO Jeffrey Immelt sent a somber letter to shareholders acknowledging that the company's reputation had been "tarnished."

GE's average daily options volume was matched this morning in the first two hours of trading alone, as more than 300,000 contracts changed hands, according to OptionMonster's tracking systems. At just under $7 in afternoon trading, GE is only slightly above a new 52-week low of $6.85 it reached earlier in the day.

Among the heavy options action was more than 52,000 puts that changed hands at the June 2.50 strike, which included two large blocks of nearly 15,000 and 30,000 bought for $0.29. Another 45,500 puts traded at the March 7.50 strike for $0.85 to $1.07.

Disclosures: I am a regular contributor for CNBC, which is owned by GE.

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