Puts Purchased on Saks

Shares of Saks Incorporated SKS are higher on the session by 2.09%, currently trading at $8.56. 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 November 2011 $10.00 put traded 7,200 times on open interest of 6,132 contracts. Overall put volume is now running at 3.01x the daily average with 95% of all puts traded being purchases on the offer. Saks Incorporated is a fashion retail company offering an assortment of luxury fashion apparel, shoes, accessories, jewelry, cosmetics, and gifts. The company is primarily focused on the luxury retail sector.