Simon Property Group : Shares of the U.S. shopping mall owner are trading higher by 3% to $74.40 on news the cash-rich firm may purchase assets of bankrupt General Growth Properties. One cautious investor scooped up downside protection on Simon this morning. Perhaps the trader fears the stock price may realize short-term declines if SPG acquires General Growth Properties. Otherwise, this individual is simply taking a bearish stance on the stock. The investor initiated a put spread by purchasing 4,000 puts at the December 70 strike for $2.25 each, and by selling the same number of puts at the December 65 strike for $1 apiece. The net cost of the spread amounts to $1.25 per contract and protects the trader if shares fall through break-even price of $68.75 over the next four weeks. We note that SPG's shares have remained higher than the effective break-even point since Nov. 6, 2009.