Puts Purchased on Norfolk Southern (NSC)

Shares of Norfolk Southern Corp. NSC are lower on the session by 0.76%, currently trading $56.26. The stock has been drifting lower over the past three weeks, breaking through the 50-day moving average to the downside. It is struggling to regain that level in today’s trade. Options traders are buying puts on the name today with the July $50 put purchased 1,300 times on open interest of 54 contracts and the July $55 put purchased 907 times on open interest of 92 contracts. This suggests new, bearish positioning. Put volume is now running at 3.01x the daily average with 99% of all puts traded being purchases on the offer. Norfolk Southern Railway Company is primarily engaged in the rail transportation of raw materials, intermediate products, and finished goods primarily in the Southeast, East, and Midwest and, through interchange with rail carriers, to and from the rest of the United States.