Susquehanna options strategist Alison Edwards notes long-term put buying in Express Scripts (NASDAQ: ESRX) following Cigna (NYSE: CI) deal announcement, as investor bought 10k Jan 75 Puts for $3.50. Shares are currently up over 8%.

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William Blair Downgrades Express Scripts (ESRX) to Market Perform Amid Merger AnnouncementMarch 8, 2018 12:51 PM Jefferies Upgrades Express Scripts (ESRX) to Hold Following AcquisitionMarch 8, 2018 11:56 AM Maxim Group Downgrades Express Scripts (ESRX) to Hold Following AcquisitionMarch 8, 2018 11:38 AM Cigna/ESRX Deal Validates CVS's Aetna Deal, Mizuho Says; Walgreens (WBA) Watching and Amazon (AMZN) Threat NeutralizedMarch 8, 2018 10:05 AM Humana (HUM), WellCare (WCG) Could See Weakness Following CI/ESRX Deal - Deutsche BankMarch 8, 2018 8:29 AM Wall Street rises as Trump softens tariff planMarch 8, 2018 7:52 AM UnitedHealth Group (UNH) Could Loss Cigna's (CI) PBM Outsourcing Biz Amid Express Scripts (ESRX) Deal - Evercore ISIMarch 8, 2018 7:42 AM Express Scripts (ESRX) puts active into Cigna (CI) acquiring in cash, stock transaction valued at about $67BMarch 8, 2018 6:20 AM Cigna (CI) to Acquire Express Scripts (ESRX) for $67 BillionMarch 8, 2018 6:07 AM Health insurer Cigna to buy Express Scripts for about $52 billionMarch 8, 2018 5:15 AM Barclays Starts Express Scripts (ESRX) at EqualweightMarch 8, 2018 4:27 AM Cigna Corp. (CI) Near Deal to Acquire Express Scripts (ESRX) - WSJMarch 7, 2018 11:26 PM