Bears Snatch up Puts on KongZhong Corporation (KONG)

Shares of KongZhong Corporation KONG are lower on the session by 21.84%, currently trading at $5.94. The stock has been moving largely lower over the past four weeks and is currently trading below the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the June 2011 $5.00 put was purchased 1,999 times, on the offer, for $0.50 on open interest of 0 contracts. Overall put volume is now running at 18.69x the daily average with 71% of all puts traded being purchases on the offer. KongZhong Corporation is a provider of digital entertainment services for consumers in the People's Republic of China. The company operates four business units: wireless value-added services, wireless Internet services, mobile games and online games.