Puts Purchased on Cadence Design Systems

Shares of Cadence Design Systems CDNS are higher on the session by 6.48%, currently trading at $10.02. 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 $10.00 put traded 2,800 times on open interest of 3,281 contracts. Overall put volume is now running at 77.75x the daily average with 80% of all puts traded being purchases on the offer. Cadence Design Systems, Inc. develops electronic design automation, software, hardware, and silicon intellectual property. Cadence licenses software and IP, sells or leases hardware technology and provides engineering and education services worldwide to help manage and accelerate electronics product development processes.