Downside Purchased on Fortune Brands (FO)

Shares of Fortune Brands Inc. FO are lower on the session by 1.20%, currently trading at $46.13. The stock has been gyrating sideways after selling off in May; the stock is stuck in a range bordered by the 50-day moving average to the topside and the 200-day moving average to the bottom-side. Options traders are buying puts on the name, though, betting that the stock will breakdown, through the 200-day. The action has been mostly in small lots, but total put volume is now running at 4.55x the daily average. Traders are focusing in on the $45 strike in multiple months. Fortune Brands, Inc. is a holding company with operating companies engaged in the manufacture, production and sale of distilled spirits, home and security products, and golf products.