Put Spread Purchased on Sony Corp

Shares of Sony Corp SNE are higher on the session today by 4.34%, currently trading $32.00. The stock has been cascading lower for the better part of two months and it is currently trading below the 50-day and 200-day moving averages. Options traders are betting on further downside in the name, though, with the June $32.50/30 put spread purchased 4,000 times today. This may have constituted a put roll from the $30 level to the $32.50 level, though a bearish picture it still paints. Sony Corporation is engaged in the development, design, manufacture and sale of various kinds of electronic equipment, instruments and devices.