Puts Purchased on Steelcase (SCS)

Shares of Steelcase Inc. SCS are higher on the session by 5.47%, currently trading at $8.29. The stock has been moving largely higher over the past weeks and is now nearing resistance near $8.50. Options traders are buying protection on shares today. A short while ago the November $7.50 put was purchased 1,500 times, on the offer, on open interest of only 20 contracts. This signals new positioning on the name. Put volume is now running at 8.37x the daily average, 100% on the offer. Steelcase Inc. is engaged in furnishing the work experience in office environments. It designs for a variety of customer needs through three core brands: Steelcase, Turnstone and Coalesse. The primary focus of these brands is the office furniture segment, but it also serves needs in areas, such as healthcare, education and distributed work.