Expedia (EXPE: sentiment, chart, options) shares are down more than 2% following the company's first-quarter earnings release. The company banked a profit of $51.3 million, or 17 cents per share; excluding items, earnings totaled 24 cents per share. Revenue gained 25% to $687.8 million. The results exceeded analysts' expectations, which called for a profit of 23 cents per share on $658 million in revenue. Gross margin for the period contracted from 78% to 77.9%.

Heading into the report, option traders were already quite bearish toward EXPE. The stock's Schaeffer's put/call open interest ratio (SOIR) of 1.41 is just 4 percentage points away from an annual pessimistic peak. The stock is down nearly 30% from its mid-December peak, which could explain some of the negativity from investors.

It appears that the SOIR could jump even higher as a result of today's trading. While near-term call volume has been noticeably light, the June 25 put has traded volume of 5,609 contracts on open interest of 289. This indicates that a large portion of today's volume will translate to new open interest tomorrow. The June 25 put is currently in the money by about 30 cents.

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