Puts Bought on ABB Ltd (ABB)

Shares of ABB Ltd

are lower on the session by 1.72%, currently trading at $23.37. The stock has been moving largely higher over the past six months and is currently trading above the 50-day and 200-day moving averages. Options traders are buying puts on the name today. A short while ago the April 2011 $23.00 put was purchased 1,000 times, on the offer, on open interest of only 186 contracts. This signals new positioning on the name. Overall put volume is now running at 2.09x the daily average with 73% of all puts traded being purchases on the offer. ABB Ltd provides power and automation technologies for its utility and industrial customers. It focuses on power transmission, distribution and power-plant automation serves electric, gas and water utilities, as well as industrial and commercial customers.