Puts Purchased on Discover Financial Services

Shares of Discover Financial Services DFS are lower on the session by 0.88%, currently trading at $25.91. The stock has been moving largely higher over the past five months and is currently trading above the 50-day moving average. Options traders are buying puts on the name today. A short while ago the August 2011 $28.00 put traded 1,000 times on open interest of 14 contracts. Overall put volume is now running at 2.32x the daily average with 68% of all puts traded being purchases on the offer. Discover Financial Services is a direct banking and payment services company. DFS operates as a bank holding and financial holding company. DFS operates two banking subsidiaries: Discover Bank and Bank of New Castle.