Shares of Illinois Tool Works ITW are off 2.27% on the session, currently trading $49.34. The stock is trading right on the 50-day moving average and is struggling to hold the level.
One options trader is buying protection in the name for fear that that average does not hold. The May $50 put was just purchased 2,000 times on open interest of 1,336 contracts. This indicates new, bearish positioning.
Illinois Tool Works is a multinational manufacturer of a diversified range of industrial products and equipment.
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