Last week, shares of Meta Platforms (FB) plunged after the company reported worse than expected earnings.  In fact, the stock dropped over 26% in one day, the biggest single-day decline in its history.  The company missed on revenues, revenue forecasts, and number of users.  Despite the huge down day, about 61% of the 2 million options that traded that day were calls (which tend to be bullish).  However, way more money was spent on the put contracts that traded.  Some of the put trades may have been cashing in on hedges.