Earlier today, IBM Corp. (IBM: sentiment, chart, options) announced that it signed 2 new large services deals in Brazil as part of its effort to expand in South America. The first deal is to provide file-management services to Rede Brasil Sul de Comunicacao, a Brazilian entertainment company. Terms of that deal weren't disclosed. Meanwhile, the second deal is to provide data and disaster recovery services to BNDES, a financial firm. The deal is valued at about $5.1 million.

Traders have largely shrugged off the news as the stock is down roughly 0.5% this afternoon. However, the equity remains in a solid uptrend along the support of its ascending 10-day and 20-day moving averages. In fact, IBM has gained approximately 17% since the start of 2008.

Overall, option trading has been relatively quiet today. The June 130 call is the site of heaviest call activity in the June series, with 1,800 contracts changing hands on open interest of 5,166 contracts. The June 125 put is the site of heaviest put activity in the June series, with fewer than 1,200 contracts trading.

The Schaeffer's put/call open interest ratio for IBM stands at 1.16, as put open interest is higher than call open interest among options that expire in less than 3 months. This reading is also higher than two-thirds of those taken during the past year. This pessimism on an outperforming stock has bullish implications from a contrarian perspective.