Puts and calls are the two types of options contracts. They are created and trade in a range around the current price. Typically, this range is wide enough that

Puts and calls are the two types of options contracts. They are created and trade in a range around the current price. Typically, this range is wide enough that it covers all moves of the underlying stock price. In this case, the price move exceeded what the professionals thought was even possible as a long shot bet.