Protection Purchased in NOV

Shares of National Oilwell Varco Inc. NOV are on the rise today by 1.30%, currently at $39.67. The stock has been drifting lower over the past six months and is now trading below the 50-day and 200-day moving averages, which is a bearish sign. It also looks like someone came in to purchase the June $40/38 put spread over 2,000 times today. Volume on both strikes exceeded open interest, indicating that this is an opening position. National Oilwell Varco, Inc. is provider of equipment and components used in oil and gas drilling and production operations, oilfield services and supply chain integration services to the upstream oil and gas industry.