Puts Purchased on Goodyear Tire & Rubber (GT)

Shares of Goodyear Tire & Rubber Co. GT are higher on the session by 2.08%, currently trading at $11.30. The stock has been moving largely lower over the past six months and is currently in a technical downtrend. Options traders are buying protection on the name today. The January 2011 $10.00 put was purchased 2,600 times on the offer a short while ago; open interest on the strike is 2,937 contracts. Put volume is now running at 3.8x the daily average. The Goodyear Tire & Rubber Company is a manufacturer of tires. The company, along with its United States and international subsidiaries and joint ventures, develops, manufactures, markets and distributes tires for applications. Goodyear also manufactures and markets rubber-related chemicals for various applications.