Protection Purchased on Cognizant Technology (CTSH)

Shares of Cognizant Technology Solutions CTSH ended the session lower by 0.97%, trading at $50.06. The stock has been trading largely higher over the past six months, though in recent trading the stock has begun to struggle around to 50-day moving average. Options traders were buying protection on the name earlier in the session. The August $50.00 put was purchased 1,800 times, near the offer, on open interest of only 341 contracts. This signals new, bearish positioning on the name. Put volume was running at 3.4x the daily average today. Cognizant Technology Solutions Corporation is a provider of custom information technology consulting and technology services, and outsourcing services. The company's customers are primarily Global 2000 companies located in North America, Europe and Asia.