Puts Sold on Corrections Corp of America (CXW)

Shares of Corrections Corp of America CXW are higher on the session by 0.27%, currently trading at $18.76. The stock has been trading largely lower over the past six months and is below both the 50-day and 200-day moving averages. Options traders were selling protection on the name today. The August $17.50 put was sold 1,800 times, near the bid, on open interest of just 44 contracts. This signals new, bullish positioning on the strike. Put volume is now running at 31.12x the daily average. Corrections Corporation of America is an owner and operator of privatized correctional and detention facilities, and a prison operator in the United States. As of December 31, 2009, the company operated 65 correctional and detention facilities, including 44 facilities that it owns, with a total design capacity of approximately 87,000 beds in 19 states and the District of Columbia.