Puts Purchased on Office Depot, Inc. (ODP)

Shares of Office Depot, Inc. ODP are lower on the session by 1.95%, currently trading at $4.03. The stock has been moving largely lower over the past four months and is currently trading below the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the May 2011 $4.50 put was purchased 5,000 times, on the offer, for $0.65 on open interest of only 88 contracts. Overall put volume is now running at 11.24x the daily average with 96% of all puts traded being purchases on the offer. Office Depot, Inc. is a global supplier of office products and services. The company operates in three business segments: North American Retail Division, North American Business Solutions Division and International Division.