Puts Purchased on Sara Lee Corporation (SLE)

Shares of Sara Lee Corporation

are lower on the session by 0.99%, currently trading at $16.98. The stock had been moving largely higher over the past six months, but recently came under selling pressure. It is currently consolidating around the 50-day moving average. Options traders are buying puts on the name today. A short while ago the March 2011 $16.00 put was purchased 17,000 times, on the offer, on open interest of 36,876 contracts. Overall put volume is now running at 2.59x the daily average with 96% of all puts traded being purchases on the offer. Sara Lee Corporation is a global manufacturer and marketer of brand-name products for consumers throughout the world focused primarily on the meats, bakery, beverage and household products categories.