Puts Purchased on Griffon Corp. (GFF)

Shares of Griffon Corp. GFF are higher on the session by 10.91%, currently trading $11.59. The stock has been drifting lower over the past eight weeks and is trading below both the 50-day and 200-day moving averages. Options traders are grabbing protection on the name, taking advantage of today’s reduced premiums. The October $12.50 put was purchased 1,680 times on open interest of 110 contracts and the January 2011 $10 put was purchased 1,436 times; there was no interest on the Jan strike. Put volume is running at an amazing 455x the daily average. Griffon Corporation is a diversified management and holding company that conducts business through its wholly-owned subsidiaries, Telephonics Corporation, Clopay Building Products Company and Clopay Plastic Products Company.