Puts Purchased on Norfolk Southern (NSC)

Shares of Norfolk Southern Corp. NSC are trading lower on the session by 4.38%, currently trading $54.31. The stock has been struggling to hold the 50-day moving average and is losing that battle with today’s slide. Puts are being purchased on the name today with the June $55 put bought over 5,000 times on open interest of 1,746 contracts. This suggests new, bearish positioning in the name. Benzinga detected put buying on NSC yesterday; the stock is 3.44% lower from that call. Norfolk Southern Corporation controls a freight railroad, Norfolk Southern Railway Company. Norfolk Southern Railway Company is primarily engaged in the rail transportation of raw materials, intermediate products, and finished goods primarily in the Southeast, East, and Midwest and, through interchange with rail carriers, to and from the rest of the United States.