Puts Purchased on Franklin Resources (BEN)

Shares of Franklin Resources BEN are lower on the session by 0.57%, currently trading at $126.35. 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 July 2011 $120.00 put was purchased 3,500 times, on the offer, on open interest of only 913 contracts. This signals new positioning on the name. Overall put volume is now running at 10.88x the daily average with 88% of all puts traded being purchases on the offer. Franklin Resources, Inc. is a holding company. Franklin together with its various subsidiaries, is referred to as Franklin Templeton Investments, is a global investment management organization offering investment choices under the Franklin, Templeton, Mutual Series, Bissett, Fiduciary and Darby brand names.