Puts Purchased on Leap Wireless International

Shares of Leap Wireless International LEAP are lower on the session by 3.13%, currently trading at $16.39. The stock has been moving largely higher over the past four months and is currently trading above the 50-day moving average. Options traders are buying puts on the name today. A short while ago the July 2011 $16.00 put was purchased 1,000 times, on the offer, on open interest of 1,331 contracts. Overall put volume is now running at 3.05x the daily average with 83% of all puts traded being purchases on the offer. Leap Wireless International, Inc. is a wireless communications carrier that offers digital wireless services in the United States under the Cricket brand. Leap's Cricket service offerings provide customers with unlimited wireless services for a flat rate without requiring a fixed-term contract or a credit check.