Puts Purchased on ITT Corporation (ITT)

Shares of ITT Corporation ITT are lower on the session by 0.45%, currently trading at $57.38. The stock has been moving largely sideways over the past four months and is currently consolidating around the 50-day moving average. Options traders are buying puts on the name today. A short while ago the May 2011 $55.00 put was purchased 3,000 times, on the offer, on open interest of 7,211 contracts. Overall put volume is now running at 2.49x the daily average with 93% of all puts traded being purchases on the offer. ITT Corporation is a global engineering and manufacturing organization. ITT's operates in more than 60 countries, and sales presence in more than 125 countries. It designs, manufactures and sales a range of engineered products.