Traders Grab Puts on Activision Blizzard

Shares of Activision Blizzard Inc. ATVI are lower on the session by 2.15%, currently trading $10.03. The stock has been on a slow-motion train wreck over the past few weeks and is now trading well below the 50-day and 200-day moving averages. $10 is historical support, however, though it remains to be seen if enough bulls are willing to draw a line in the sand. Options traders are buying puts on ATVI though, with the July $10 put purchased over 1,500 times; open interest on the strike is only 405 contracts, which signals new, bearish positioning. A move lower from $10 brings $8 price targets in to the mix. Activision Blizzard, Inc. is an online, personal computer (PC), console and handheld game publisher.