Puts Purchased on Cypress Semiconductor Corporation

Shares of Cypress Semiconductor Corporation CY are lower on the session by 2.73%, currently trading at $21.94. The stock has been moving largely higher over the past six 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 June 2011 $21.00 put was purchased 10,000 times, on the offer, on open interest of 5,951 contracts. Overall put volume is now running at 4.03x the daily average with 89% of all puts traded being purchases on the offer. Cypress Semiconductor Corporation is a broad-line semiconductor company and a supplier of programmable solutions in systems.