Puts Purchased on MetroPCS Communications (PCS)

Shares of MetroPCS Communications Inc. PCS are lower on the session by 2.74%, currently trading at $8.87. The stock has been moving largely higher over the past six months and is trading just off of its 52-week high. Options traders are buying protection on the name today. The August $9.00 put was purchased, on the offer, earlier in the session; open interest on the strike is 2,740 contracts. Put volume is now running at 4.79x the daily average. MetroPCS Communications, Inc. is a wireless telecommunications provider. The company offers wireless broadband mobile services under the MetroPCS brand in selected metropolitan areas in the United States over its own licensed networks or networks of entities, in which the company holds a substantial non-controlling ownership interest.