The April 2020 $17 put options on Hanesbrands (HBI) saw over 13,700 contracts trade, a 68-fold surge in volume. Oddly, with shares of the company already at $15.50, the option is already about $1.50 in-the-money, and should move dollar-for-dollar with shares lower from here.

At a price of $2.70, the put buyer really paid just $1.20 in premium, and shares would need to only slip to $14 for the put buyer to make money by April.

Hanesbrands sells simple apparel such as T-shirts, socks, activewear, and so on. Although shares have underperformed the market with a 6 percent slide in the past year, shares aren’t a logical short, with the company trading at 9 times current and forward earnings, and with the company showing modest growth in the past year, and generic clothing products remain somewhat recession-resistant, especially compared to branded offerings.