Puts Sold on Fastenal (FAST)

Shares of Fastenal Co. FAST are lower on the session by 4.16%, currently trading at $47.71. The stock has been moving largely lower over the past three months and is in a downward trending channel. Options traders are selling puts on the name today. The January 2012 $50 put was sold 8,542 times, on the bid, for $10.00 earlier in the session; open interest on the strike is 8,699 contracts. This likely signals that a long put holder has taken profits on their position. Volume on the strike has since risen to 12,742 contracts. Put volume is now running at 26x the daily average. Fastenal Company sells industrial and construction supplies in a wholesale and retail fashion. As of December 31, 2009, the company had 2,369 store locations located in the United States, Puerto Rico, Canada, Mexico, Singapore, China, The Netherlands, Hungary, and Malaysia.