Puts Favored in Estee Lauder

Shares of Estee Lauder EL are higher on the session today, currently trading $63.30, up 0.76%. The manufacturer and marketer of skin care, makeup, fragrance and hair care products recently dipped below the 50-day moving average, but is trying to regain that level today. Put buying is in vogue today, though it seems to be more in a protective sense. The May $60 put was purchased 2,000 times on open interest of 5,299 contracts. The June $60 put was purchased 1,100 times on open interest of 766 contracts. The put/call ration in the Estee Lauder is now running at 13x the norm.