Puts Purchased on Microchip Technology

Shares of Microchip Technology MCHP are lower on the session by 1.29%, currently trading at $31.36. The stock has been moving largely lower over the past three months and is currently trading below the 50-day moving average. Options traders are buying puts on the name today. A short while ago the August 2011 $30.00 put traded 1,200 times on open interest of 490 contracts. The Aug2011 $28 put is also active. Overall put volume is now running at 2.67x the daily average with 93% of all puts traded being purchases on the offer. Microchip Technology Incorporated develops and manufactures semiconductor products used by its customers for a range of embedded control applications.