Puts Purchased on Sony Corp

Shares of Sony Corp. SNE are falling by 3.75% today, currently at $30.54. The stock has been selling off for some time and is now firmly below both the 50-day and 200-day moving averages, which is a bearish sign. Options action is favoring the put side today with put volume running at 3.43x the daily average. 99% of all puts traded have been purchases on the offer, further signaling bearishness. The majority of the volume is coming on the June $30 put strike, where over 4,100 contracts have been bought on the offer; open interest on the strike is 4,121 contracts.