Options traders are betting that the summer slide in General Electric's stock price is no aberration and likely to continue through November.
With shares in the Dow stalwart off 9 percent over the past month, the company's $15 November strike, or price target, is serving as an enticing target.
Investors purchased 20,000 puts , or options to sell, for an average premium of 81 cents each. They also sold the same number of puts at the November $12 strike for an average premium of 24 cents each, according to data from Interactive Brokers.
The spread premium, then, amounts to 57 cents per contract.
If GE shares fall below the breakeven point of $14.43 by the November expiration, those making this play would generate a profit if GE's shares fall 6.4 percent. GE is a major shareholder of NBCUniversal, CNBC's parent.
Those betting GE would fall below $12 a share—a decline of more than 22 percent from current levels—could make as much as $2.43 per contract.
GE's shares are considered highly volatile, with implied volatility above 42 percent in early afternoon trading.