Puts Purchased on Owens-Illinois, Inc. (OI)

Shares of Owens-Illinois, Inc. OI are lower on the session by 4.01%, currently trading at $29.48. The stock has been moving largely sideways over the past three months and is currently trading below the 50-day and 200-day moving averages.

Options traders are buying puts on the name today. A short while ago the March 2011 $31.00 put was purchased 1,000 times, on the offer, on open interest of only 441 contracts. This signals new positioning on the name.

Overall put volume is now running at 2.15x the daily average with 88% of all puts traded being purchases on the offer.

Owens-Illinois, Inc. is a manufacturer of glass containers with 81 glass manufacturing plants in 21 countries. It produces glass containers for beer, ready-to-drink low alcohol refreshers, spirits, wine, food, tea, juice and pharmaceuticals.