Protection Purchased on Tyco (TEL)

Shares of Tyco Electronics LTD TEL are higher on the session by 1.20%, currently trading $27.73. The stock recently made a strong, bearish top around the $32 level and has sold off since, breeching the 50-day moving average. Options trading in the name suggest that a move lower may be in order with the July $25 put purchased on the offer over 1,600 times. Open interest on the strike was only 1,139 contracts, which suggests new, bearish positioning. Tyco Electronics Ltd. is a global provider of engineered electronic components, network solutions, specialty products, and undersea telecommunication systems.