Downside Purchased on Ion Geophysical (IO)

Shares of Ion Geophysical Corp. IO are lower on the session by 0.70%, currently trading $4.23. The stock has been moving sideways for the past five months, but has fallen sharply as of late. The stock is now trading below both the 50-day and 200-day moving averages. Options traders are betting on a further slide in the name today. The November $5.0 put was purchased 2,400 times on the offer earlier in the session; open interest on the strike is 11,561 contracts. Put volume is now running at 4.82x the daily average. ION Geophysical Corporation is a technology-focused seismic solutions company, which provides seismic data acquisition equipment, seismic software, and seismic planning, processing, and interpretation services to the global energy industry.