Calls Purchased on The Progressive Corporation

Shares of The Progressive Corporation PGR are lower on the session by 0.51%, currently trading at $21.67. The stock has been moving largely higher over the past four months and is currently trading above the 50-day and 200-day moving averages. Options traders are buying calls on the name today. A short while ago the May 2011 $20.00 call was purchased 800 times, on the offer, on open interest of 1,978 contracts. Overall call volume is now running at 5.06x the daily average with 99% of all calls traded being purchases on the offer. The Progressive Corporation is an insurance holding company. As of December 31, 2009, the company had 53 subsidiaries and one mutual insurance company affiliate. These insurance subsidiaries and affiliate provide personal and commercial automobile insurance and other specialty property-casualty insurance and related services.