Puts Purchased on Glu Mobile Inc. (GLUU)

Shares of Glu Mobile Inc. GLUU are lower on the session by 3.89%, currently trading at $3.95. The stock has been moving largely higher over the past six months and is currently trading above the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the September 2011 $5.00 put was purchased 1,200 times, on the offer, on open interest of 5,848 contracts. Overall put volume is now running at 4.82x the daily average with 93% of all puts traded being purchases on the offer. Glu Mobile Inc. is engaged in designing, marketing and selling games for mobile phones. The company has developed and published a portfolio of casual and traditional games designed to appeal to a cross section of the subscribers served by its wireless carriers and other distributors, as well as to users of smartphones who purchase the company's games through direct-to-consumer digital storefronts.