Pete Najarian, co-founder of OptionMonster.

Synovus Financial ( SNV) is plugging along with heavy options volume a day after the bank holding company reported dismal quarterly earnings.

Synovus is down more than 20% in afternoon trading to $3.23, far closer to its 52-week low of $2.30 than the high of $13.17 reached back in September. The company's average daily options volume is 908 contracts, but more than 19,000 have traded so far today, according to OptionMonster's real-time tracking systems.

Most of the action has been concentrated at the June 2.50 strike, where more than 5,200 puts have traded against open interest of just 230 contracts. One particularly large block was bought this morning at $0.35.

Synovus has been hurt by a massive rise in loan losses and said it expects a difficult second quarter as well. The bank has already cut its dividend twice in the last few months.

The writer owns long puts in Synovus.

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