Traders Tuning Out CBS Corporation (CBS)

Shares of CBS Corporation CBS are lower on the session by 1.21%, currently trading at $24.57. The stock has been moving largely higher over the past four months and is currently trading above the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the April 2011 $24.00 put was purchased 7,000 times, on the offer, on open interest of only 264 contracts. This signals new positioning on the name. Overall put volume is now running at 6.81x the daily average with 85% of all puts traded being purchases on the offer. CBS Corporation is a mass media company. CBS Corp. operates in segments, including Entertainment, Cable Networks, Publishing, Local Broadcasting and Outdoor. The Entertainment segment consists of the CBS Television Network, CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Films and CBS Interactive.