Protection Purchased in Cameron International (CAM)

Shares of Cameron International CAM are lower on the session by 1.95%, currently trading $33.75. The stock has been cratering as of late due to its involvement with the Gulf oil spill. The stock is trading below the 50-day and 200-day moving averages. I am seeing put action heat up in the name today. The June $37.50 strike has traded over 10,000 times today; open interest on the strike is 13,161 contracts. Today’s action appears to be open purchases, though the trade went off between the bid and ask, which makes it unclear. Cameron International Corporation is a provider of flow equipment products, systems and services to worldwide oil, gas and process industries.