Put Volume Grows on Wausau Paper (WPP)

Shares of Wausau Paper Corp. WPP are higher on the session by 5.32%, currently trading at $7.13. The stock has been moving largely lower over the past six months, off from a recent high near $10.00. The stock recently bounced off of the $6.00-6.10 support level. Options traders are picking up some puts on the name today. The April 2011 $7.50 put was purchased 2,187 times, on the offer, for $1.30 a short while ago; there is no open interest on the strikes. This appears to be hedge buying on long shares. Put volume is now running at 2,338x the daily average. Wausau Paper Corp. manufactures, converts and sells paper and paper products. At December 31, 2009, the company's operations were classified into three segments: Specialty Products, Printing & Writing, and Towel & Tissue. The company markets its products under the Wausau Paper trademark. For more great research like this, as well as how to play it through options…please visit Benzinga’s Options & Volatility Edge and Benzinga’s Cash Generator.