Torchmark Corporation (NYSE: TMK) attracted the attention of put players on Thursday, after the insurance holding company slashed its 2009 profit target. During the course of the session, the stock saw nearly 5,700 puts change hands – five times the number of TMK calls traded, and more than 12 times the security's average daily volume of fewer than 500 puts.

Most of the volume centered on the equity's in-the-money November 45 put, which saw roughly 5,300 contracts cross the tape. However, a healthy portion of the activity appears to have been the liquidation of positions following TMK's post-earnings slump, as put open interest at the November 45 strike depleted from about 5,100 to 3,700 contracts overnight. Furthermore, the option's implied volatility declined by more than 20%, as demand for the front-month put receded.

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