Just recently, there has been some unusual options activity in Exxon Mobil (XOM). The oil and gas giant has seen its stock price go higher on news of a surprise cut in oil production from Saudi Arabia. A cut in production is almost always bullish for oil companies like XOM.
In response, a trader placed a large put spread (or rolled up a lot of puts to a higher strike) which makes money if the share price drops. This is likely a hedge against a large position in the stock. After a big up day, someone may be looking to protect their profits in case the share price goes back down in the next couple weeks.