Susquehanna options strategist Alison Edwards notes continued downside protection in Snap (NYSE: SNAP) ahead of the company's first earnings report tomorrow after the close, as an investor bought 10,000 May12 21.5 Puts, on the heels of regular May expiry 21.5 Put buyers yesterday.

Options Trader Talk

Snap Inc (SNAP) PT Lowered to $23 at Deutsche Bank on 1Q Report; 'DAU Upside Ghosted... Results Fail to Inspire'May 11, 2017 10:22 AM Snap (SNAP): Investor Expectations Edge Higher into Earnings, as Traders Look to Fade Any Move Higher Ahead of July 29th Lockup -Odeon May 10, 2017 2:56 PM Put Buying Continues in Snap (SNAP) Ahead of Today's Earnings Announcement -SusquehannaMay 10, 2017 2:07 PM Snap (SNAP) call put ratio 1 call to 2.1 puts into Q1 EPS and outlookMay 9, 2017 11:55 AM Stocks with Implied Volatility MovementMay 9, 2017 5:04 AM What’s trading: SNAP BABA KATE JCP MU IBM T MU JD VRX May 8, 2017 9:53 AM Stocks with Implied Volatility MovementMay 8, 2017 5:00 AM Cleveland Research Starts Snap Inc (SNAP) at Buy, Expects Stronger Than Expected Numbers For H1 2017May 5, 2017 9:30 AM Stocks with Implied Volatility MovementMay 5, 2017 4:57 AM