Virgin Media shares fell 0.73 percent to $32.70 yesterday, two sessions after hitting an all-time high above $34. Some investors had accurately predicted that strong move, and rang up gains of more than 50 percent in less than a week.
The company has been in a steady uptrend since the spring and just reported strong third-quarter subscriber gains. Yesterday's bearish activity seems to be more a reflection of nervousness toward the broader market, where a pullback could drag down big gainers such as Virgin Media.
Overall option volume in the name was seven times greater than average yesterday, with puts accounting for more than three-quarters of the total.
—By CNBC Contributor David Russell
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David Russell is a reporter and writer for OptionMonster. Russell has no positions in VMED.