Great trade on Google's drop

A put option to sell Google shares at 420 was available for a nickel prior to Friday, January 20, 2006. On that day, GOOG dropped from 440 to 400. So, to put this in perspective, one could have bought ten contracts representing 1000 shares for $50. By the end of the day, the value of each of those options was worth at least $20, since the stock had sunk to $399. The value of those ten contracts for the right to sell 1000 shares of Google at 420 went from $50 to $20,000.