Protection Purchased on Goodyear Tire (GT)

Shares of Goodyear Tire and Rubber Co. GT are lower on the session by 0.26%, currently trading at $11.58. The stock has been trading largely lower for the past six months and is currently trading in a technical downtrend. Options traders are purchasing puts today. The January 2011 $7.50 put was purchased, on or near the offer, 2,222 times; open interest on the strike is 3,987 contracts. Put volume is now running at 4.08x the daily average. The Goodyear Tire & Rubber Company is a manufacturer of tires. The company, along with its United States and international subsidiaries and joint ventures, develops, manufactures, markets and distributes tires for applications. Goodyear also manufactures and markets rubber-related chemicals for various applications.