Large Put Sale on Walgreen Co. (WAG)

Shares of Walgreen Co. WAG are higher on the session by 0.88%, currently trading at $28.70. The stock has been moving largely lower over the past six months, off from recent highs near $38.00. The stock has been garnering some bull support as of late. Options traders seem to think that the stock is bottomed and are selling puts. The September $27.00 put was sold 20,000 times, on the bid, in a single block for $0.18 earlier in the session. Open interest on the strike is only 1,280 contracts, indicating new positioning. Walgreen Co. is engaged in retail drugstore business. As of August 31, 2009, the company operated 7,496 locations in 50 states, the District of Columbia, Puerto Rico and Guam. During the fiscal year ended August 30, 2009 (fiscal 2009), the company opened or acquired 691 locations. Total locations do not include 337 convenient care clinics operated by Take Care Health Systems, Inc. within the company's drugstores.