Bear Put Buying in Illinois Tool Works

Shares of Illinois Tool Works ITW are off 2.27% on the session, currently trading $49.34. The stock is trading right on the 50-day moving average and is struggling to hold the level. One options trader is buying protection in the name for fear that that average does not hold. The May $50 put was just purchased 2,000 times on open interest of 1,336 contracts. This indicates new, bearish positioning. Illinois Tool Works is a multinational manufacturer of a diversified range of industrial products and equipment.