Puts Purchased on Kellogg Co. (K)

Shares of Kellogg Co. K are lower on the session by 1.14%, currently trading at $51.46. The stock has been moving largely higher over the past few months, but has encountering heavy selling pressure as of late and is now trading below both the 50-day and 200-day moving averages. Options traders are buying protection on shares today. The August $50.00 put was purchased 3,000 times, on the offer, earlier in the session; open interest on the strike is 181 contracts. Put volume is now running at 25x the daily average. Kellogg Company is engaged in the manufacturing and marketing of ready-to-eat cereal and convenience foods. The company's principal products are ready-to-eat cereals and convenience foods, such as cookies, crackers, toaster pastries, cereal bars, fruit snacks, frozen waffles and veggie foods.