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December 4, 2012  Tue 3:16 AM CT

Business-software giant SAP is back to levels from the dot-com bubble, and one investor is apparently worried about a pullback.

optionMONSTER's Depth Charge tracking program detected the purchase of 3,100 December 80 puts for $2 and the sale of an equal number of December 75 puts for $0.30. Volume was below open interest at the 75s, indicating that an existing position was closed and rolled to the higher strike.

The investor paid $1.70 and is probably using the options to hedge an existing long position in the German-based company. He or she have now raised the level at which they can sell their stock from $75 to $80. (See our Education section)

SAP rose 1.97 percent to $79.53 yesterday. It's up 53 percent so far this year, lifted by several strong earnings reports as new products have helped gain customers. The shares haven't seen their current level since March 2000, shortly before the tech-heavy Nasdaq crashed.

Total option volume was 10 times greater than average in the session, according to the Depth Charge, Puts outnumbered calls by 33 to 1.
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